I am considering applying for a Principality mortgage for purchase of a new build (under development) in Biggin Hill with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Are there restrictive covenants that are commonly picked up during conveyancing in Biggin Hill?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Biggin Hill. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a flat up to £305k and found one round the corner in Biggin Hill I like with a park and railway links in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Biggin Hill in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
I have been recommended by a few estate agents in Biggin Hill to select a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to market your services over another?
We don’t make any referral fee for sending work our way. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you offer any advice when it comes to choosing a Biggin Hill conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Biggin Hill conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non Biggin Hill conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
What volume of lease extensions has the firm completed in Biggin Hill in the last 12 months? Can they put you in touch with clients in Biggin Hill who can give a testimonial?
Having spent months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Biggin Hill. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Biggin Hill property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term as at the valuation date was 50.57 years.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the bank solicitor panel.