I have just been advised by my broker that my Holland Park property lawyer is not on the bank Solicitor panel. What can I do to be sure if this is correct?
The first thing you need to do is to call your Holland Park lawyer directly. You lawyer should advise you what has happened. If they are not on the panel they may recommend you to a Holland Park conveyancing firm that is on the conveyancing panel for your mortgage company.
I own a freehold property in Holland Park yet charged rent, why is this and what is this?
It is rare for properties in Holland Park and has limited impact for conveyancing in Holland Park 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 creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Various web forums that I have frequented warn that are the number one cause of delay in Holland Park house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Holland Park.
I'm buying my first flat in Holland Park with a loan from Godiva Mortgages Ltd. The sellers refused to budge the price so I negotiated 6k of extras instead. The sale representative told me not inform my lawyer about the deal as it could adversely affect my mortgage with the bank. 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Holland Park I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Holland Park suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
Are Holland Park conveyancing solicitors under an obligation to the Law Society to issue clear conveyancing figures?
Inbuilt into the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Holland Park or further afield.