I am one month into the sale of my flat in West Drayton and the EA has just telephoned to say that the buyers are changing their property lawyer. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a big named lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in West Drayton ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I own a freehold residence in West Drayton but still invoiced for rent, why is this and what is this?
It is rare for properties in West Drayton and has limited impact for conveyancing in West Drayton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have been told that property searches are the main reason for stalling in West Drayton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are unlikely to be the root cause of slowing down conveyancing in West Drayton.
The estate agent has sent us the confirmation of our purchase of a new build apartment in West Drayton. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in West Drayton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Due to the advice of my in-laws I had a survey completed on a house in West Drayton prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies will not issue a mortgage on this type of house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in West Drayton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Drayton to see if the conveyancing costs will increase in light of this.
I am hoping to put an offer on a small detached house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in West Drayton. Conveyancing advisers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in West Drayton ?
The majority of houses in West Drayton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in West Drayton in which case you should be looking for a West Drayton conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the freeholder’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your conveyancer should report to you on the legal implications.
I have had difficulty in trying to purchase the freehold in West Drayton. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a West Drayton flat is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69 years.