I am in the process of selling my flat in Brimsdown and the estate agent has just text me to advise that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Brimsdown ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
My son-in-law is buying a new build apartment in Brimsdown with a mortgage from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am close to exchanging contracts on the sale of our house in Brimsdown and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the purchasers used an internet conveyancing outfit as opposed to a conveyancing solicitor in Brimsdown. We have lived in Brimsdown for three years we know of no issue. Should we get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing solicitor already. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am looking for a ground for flat up to £245,000 and identified one near me in Brimsdown I like with amenity areas and station nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Brimsdown for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
If all goes to plan we aim to complete the disposal of our £375,000 apartment in Brimsdown next week. The managing agents has quoted £300 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Brimsdown?
For the majority of leasehold sales in Brimsdown conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Answering conveyancing due diligence enquiries
Where consent is required before sale in Brimsdown
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Brimsdown. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Brimsdown conveyancing firm who can help.
An example of a Vesting Order and Purchase of freehold decision for a Brimsdown residence is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The unexpired residue of the current lease was 80.01 years.
We own a leasehold flat in Brimsdown. Conveyancing was finished in 2011. I have been told that I should not let the lease length fall too low. Is this correct?
Brimsdown domestic long term leases are for a fixed period - usually 99 years when they commenced. However a significant flats in Brimsdown were constructed or converted in the 70’s80’s and so these leases now have fewer than eighty years unexpired. That may sound like a long time but Banks, Building Societies and other mortgage lenders generally need leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are getting close to 75 years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. There are also advantages to doing so before the lease reaches even 80 years as when the lease falls below eighty years the premium to be paid to extend starts to increase.