My husband and I are looking to purchase a flat in Turnpike Lane and are in fact using a Turnpike Lane conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Yorkshire Building Society have this afternoon contacted us to advise us that there is now an issue as our Turnpike Lane lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Turnpike Lane lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My brother and I have just purchased a property in Turnpike Lane. We have noticed several problems with the property which we believe were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been ordered for conveyancing in Turnpike Lane?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Turnpike Lane. Conveyancing searches and due diligence undertaken as part of the legal transfer of property are carried out to help avoid problems. As part of the process, a seller completes a form known as a SPIF. answers provided is incorrect, you may have a misrepresentation claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Turnpike Lane.
It is is a decade since I bought my property in Turnpike Lane. Conveyancing solicitors have just been appointed on the sale but I am unable to locate my title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a possibility that the deeds will be with the mortgage company or they may be in the possession of the conveyancers who handled your purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring up to date copy of the land registers. Nearly all conveyancing in Turnpike Lane involves registered property but in the unlikely event that your home is unregistered it is more of a problem but is not insurmountable.
The deeds to our property are lost. The solicitors who dealt with the conveyancing in Turnpike Lane 4 years ago are no longer around. What are my next steps?
As long as you have a registered title the details of your proprietorship will be evidenced by the Land Registry with a Title Number. It is possible to perform a search at the Land Registry, locate your property and secure up to date copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will usually retain a file copy of the Registered Lease and again, a copy can be obtained for a small fee.
I have been on the look out for a ground for flat up to £245,000 and found one close by in Turnpike Lane I like with open areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Turnpike Lane in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
We have reached the end of our tether in trying to reach an agreement for a lease extension in Turnpike Lane. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Turnpike Lane conveyancing firm who can help.
An example of a Lease Extension case for a Turnpike Lane residence is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The remaining number of years on the lease was 81.79 years.
When it comes to leasehold conveyancing in Turnpike Lane what are the most frequent lease defects?
Leasehold conveyancing in Turnpike Lane is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Repairing obligations to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Chelsea Building Society, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.