Is the fact that my conveyancer in Belsize Park is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Belsize Park conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
We are buying a property in Belsize Park. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to put funds into their account. What protection do we have from them run away with our monies?
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.
When it comes to lenders such as Nationwide, do Belsize Park conveyancing practitioners face a fee to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
At last I have had an offer on an apartment in Belsize Park accepted, the owners do nevertheless have a tied purchase. The owners have offered on on an apartment, however it’s not yet agreed to, and are looking at other flats booked. I have chosen a nearby conveyancing solicitor in Belsize Park. What should be my next step? When do I get the mortgage application with Bank of Ireland going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is in the region of one thousand pounds, then survey, Belsize Park conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Bank of Ireland approved list. As to the next stages this very much dictated by the uniqueness of your transaction, motivation for this property and on the state of the market. In a buoyant market the majority of purchasers would apply for a home loan with Bank of Ireland and pay for the valuation and only if it comes back ok would they ask their lawyer to press on with the conveyancing in Belsize Park.
Me and my brother have a terraced Georgian property in Belsize Park. Conveyancing solicitor represented me and Virgin Money. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Belsize Park and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing lawyer who conducted the work.
How does conveyancing in Belsize Park differ for new build properties?
Most buyers of new build premises in Belsize Park contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because developers in Belsize Park typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Belsize Park or who has acted in the same development.
I was pointed in your direction by three or four local property agents in Belsize Park to choose a conveyancer on your site. What’s the financial advantage for Estate Agents to market your services over and above a competitor’s?
We refuse to give any referral fee for sending work to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are your top tips when it comes to finding a Belsize Park conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Belsize Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with two or three firms including non Belsize Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Belsize Park who can give a testimonial? How experienced is the practice with lease extension legislation?
I have had difficulty in trying to purchase the freehold in Belsize Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Belsize Park property is First Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 16.83 and 16.43.