The Bayswater conveyancing firm handling our Bayswater conveyancing has spotted an inconsistency between the surveyor’s assumptions in the valuation survey and what is revealed within the title deeds. My solicitor has advised that he is obliged to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions 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.
When it comes to mortgage companies such as TSB, do Bayswater lawyers face an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Is it the case that all Bayswater conveyancing solicitors on the RBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be governed by the SRA. The majority of banks do list licenced conveyancers on their panel and in that case the organisation would be governed by the Council of Licensed Conveyancers.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Bayswater building society branch on numerous occasions and was told it wasn't an issue and they will lend. My Bayswater conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. I have no idea who is right.
Your conveyancing practitioner has to follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are the number one cause of delay in Bayswater conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Bayswater.
3 months have gone by following my purchase conveyancing in Bayswater completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 property 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Bayswater is the location of the property. Is there any guidance you can give?
Flying freeholds in Bayswater are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bayswater you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bayswater may ascertain 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 premises.
I am looking at a two apartments in Bayswater both have in the region of fifty years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bayswater is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and lenders, leases with less than 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 property 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 Bayswater 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.
I have had difficulty in seeking a lease extension in Bayswater. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to decide the sum to be paid.
An example of a Lease Extension case for a Bayswater premises 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 was in relation to 1 flat. The unexpired term was 37.79 years.