My solicitor has discovered a defect with the lease for the flat we are buying in West London. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
We are purchasing a property in West London. I might seem paranoid but how we can trust a solicitor? On the day of competition we will need to deposit our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
What is the difference between a licensed conveyancer and conveyancing solicitor in West London
There are many recorded licenced Conveyancers in West London and Solicitor practices in West London who provide Conveyancing services We would stress that both are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I recently had an offer agreed on an apartment in West London. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. Shortly after, the lawyer contacted me embarrassingly acknowledging that they were not on the HSBC conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the HSBC panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Just acquired a terraced house in West London , how long should it take for the Land Registry to deal with the formalities evidencing my ownership? My West London conveyancing solicitor works at snail pace, so I want to check that my name is recorded.
There is nothing unique when it comes to conveyancing in West London registration formalities. Rather than based on location, timescales can adjust according to who lodges the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. Currently in the region of 80% of such applications are completed within 12 days but occasionally there can be extensive delays. Registration takes place once the purchaser is living at the property therefore an expedited registration is not always primary concern but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
Do I need to be concerned about brokers that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street West London conveyancing practice?
As is the case with lots of service providers, often suggestions from connections can be very helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward solicitors to use. On occasion these lawyers might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the discretion to appoint your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of conveyancers you have to use for the mortgage related work in your conveyancing.
I am the proprietor of a two-bedroom flat in West London. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Lease Extension case for a West London property 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 remaining number of years on the lease was 72.39 years.
What are the frequently found defects that you witness in leases for West London properties?
There is nothing unique about leasehold conveyancing in West London. Most leases are individual and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Repairing obligations to or maintain elements of the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Skipton Building Society, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
Me and my husband are buying a leasehold property in West London. Conveyancing estimates are averaging around £1650. Is that reasonable?
The average cost last year for conveyancing in West London was £1,395 excluding SDLT and HMLR fees.