I am not in a position to travel far from West London. Is there a reason why all West London solicitors are not on all bank panels?
Lenders point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders pruning less reputable firms off their books of approved lawyers .
It has been 2 months following my purchase conveyancing in West London concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm remortgaging my primary house to a BTL mortgage with Nottingham Building Society and I will use the rest of the raised equity as a deposit on a second property. The location we are looking at is West London. Will your conveyancers be able to act for both sets of mortgage companies and link together the conveyances?
Make use of our search tool on this site to be sure that the lawyers are on the appropriate lender panels. On the basis that they are the lawyer will be able to simultaneously deal with the two transactions but you should talk with you lawyer and make clear your desired outcome and needs.
Am I better off to choose a West London conveyancing solicitor who is local to the property I am hoping to buy? I have an old university friend who can handle the legal work however his firm is located approximately 350kilometers away.
The benefit of a high street West London conveyancing practice is that you can pop in to sign paperwork, present your identification documents and pester them where appropriate. They will also have local intelligence which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were content that must surpass using an unfamiliar West London conveyancing solicitor solely due to them being based in the area.
I am looking at a two flats in West London which have in the region of 50 years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in West London is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty 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 property 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. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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.
I am the leaseholder of a a ground floor purpose built flat in West London. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to calculate the amount due.
An example of a Lease Extension case for a West London flat 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 related to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.
Online reading suggests that West London solicitors are more expensive than licensed conveyancers in West London to use when purchasing a house. So is it better if I use a conveyancer or a solicitor where I am buying a property in West London.
When it comes to conveyancing in West London the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.