Me and my partner are acquiring our first home. Our property lawyer has contact usto check if we want to purchase extra conveyancing searches. We are really unsure what's needed for conveyancing in The Park
The extent of The Park conveyancing searches should be triggered based primarily on the premises, the location, the possibility of any of these risks, your knowledge of the locality and risks, your overall appetite to risk. What is important is that you properly understand what information the searches could give you. You may then decide if you personally think you need that information. Where you are uncertain, ask your lawyer to explain.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in The Park?
There are two types of lawyers who can execute conveyancing in The Park namely CLC regulated conveyancers or solicitors. Both professionals administer conveyancing services that required to complete the disposal or purchase of property. Both are duty bound to execute The Park conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be professionally conducted and that all requirements and procedures should be correctly attended to.
I can not work out if my bank requires a lease extension. I have telephoned my The Park building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My The Park conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.
Your solicitor has to follow the CML Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After much negotiation I have agreed a price on an apartment in The Park. My mortgage broker recommended their conveyancers. I paid an upfront payment of £225. Soon after, the conveyancer contacted me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have justdiscovered that Stirling Law have closed. They carried out my conveyancing in The Park for a purchase of a leasehold flat 18 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest way to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of The Park conveyancing specialists.
I am looking for a ground for flat up to £305k and identified one round the corner in The Park I like with amenity areas and railway links in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in The Park in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan that many years may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
As co-executor for the estate of my uncle I am selling a residence in Monmouth but live in The Park. My solicitor (approximately 250 miles from merequires that I sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing solicitor in The Park who can witness and place their company stamp on the document?
strictly speaking you should not need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are located in The Park
Last December I purchased a leasehold flat in The Park. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
The Park Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
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Is there a share of the freehold? This information is helpful as a) areas can cause problems for the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will need to know about it Does the lease contain onerous restrictions?