The Bayswater conveyancing firm handling our Bayswater conveyancing has identified a discrepancy between the information in the valuation report and what is revealed within the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am the registered owner of a freehold house in Bayswater yet pay rent, why is this and what is this?
It is rare for properties in Bayswater and has limited impact for conveyancing in Bayswater 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
A colleague informed me that in purchasing a property in Bayswater there may be various restrictions preventing external alterations to the property. Is this right?
We are aware of a number of properties in Bayswater which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Bayswater should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Is it the case that all Bayswater CQS (Conveyancing Quality Scheme) solicitors are on the Nottingham conveyancing list of approved firms?
It is true that some banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We have a mortgage agreed in principle with Coventry BS. Bayswater conveyancing solicitors were selected. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
Some lenders take longer than others. Have Coventry BS completed the survey? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am buying a new build flat in Bayswater. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bayswater
Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Last February I purchased a leasehold property in Bayswater. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a basement flat in Bayswater. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Bayswater conveyancing firm who can help.
An example of a Lease Extension decision for a Bayswater residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The unexpired lease term was 37.79 years.
We are looking to buy a repossessed flat in Bayswater and the bank selling require completion within 28 days. Do solicitors complete in this timeframe? Am I best advised to select a high street Bayswater firm or an online company that professes to complete quickly?
Visit your Bayswater high street. Go in to a couple of solicitor’s offices and ask to talk to a conveyancing solicitor for a quote. Set out your needs and try and obtain a commitment on time frames. Choose the firm that appears most efficient. You need to use a solicitor on the panel of conveyancing practitioners acceptable to your lender.