Finally the sale completed on my house in West London last November but the buyer keeps e-mailing me to say her conveyancer is waiting to hear from mine. What should have happened following completion?
Post completion of your house sale your conveyancer is duty bound to send the transfer deeds and all additional paperwork to the purchaser's conveyancer. If applicable, your solicitor must also confirm that the mortgage has been paid off to the buyers lawyers. There are no post completion formalities specific conveyancing in West London.
When it comes to lenders such as Leeds Building Society, do West London property lawyers face a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am buying a property in West London. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender RBS be concerned?
Given that your lender is RBS your lawyer must check the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for RBS. The CML Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to RBS where a lease does not meet these conditions. The conditions relate to the installation of panels on properties countrywide and is not isolated to West London.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local West London bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My West London conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their specific requirements. Who do I believe?
The lawyer must follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have been told that property searches are a common cause of delay in West London conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in West London.
I am purchasing my first flat in West London with the aid of help to buy. The developers refused to reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not to tell my conveyancer about this extras as it may jeopardize my loan with Godiva Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. West London is the location of the property. Can you offer any guidance?
Flying freeholds in West London are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West London you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West London may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am tempted by the attractive purchase price for a two flats in West London both have approximately 50 years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in West London is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with West London conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in West London. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension case for a West London residence is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.