My wife and I are acquiring a newly built flat in Covent Garden and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. I am on a tight deadline to exchange and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are buying a house and require a conveyancing solicitor in Covent Garden who is on the Santander solicitor panel. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Covent Garden.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Covent Garden so that I can pop in to their offices if required.
These days conveyancing panel lawyers for lenders carry out all of the work through the post, internet or over the phone. This enables them to undertake the conveyancing transaction regardless of where you live in the country. However you should check if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
Should my lawyer be raising enquiries regarding flooding as part of the conveyancing in Covent Garden.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Covent Garden. Some people will buy a house in Covent Garden, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Covent Garden. The conventional set of property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out if the property has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a purchaser may bring a claim for damages as a result of such an incorrect reply. A purchaser’s lawyers may also carry out an environmental search. This should higlight if there is a recorded flood risk. If so, additional inquiries should be carried out.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Covent Garden is where the house is located. Is there any guidance you can give?
Flying freeholds in Covent Garden are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Covent Garden you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Covent Garden may determine 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.
Completion is due on the sale of our £425,000 garden flat in Covent Garden on Monday in a week. The landlords agents has quoted £300 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Covent Garden?
Covent Garden conveyancing on leasehold maisonettes often requires the purchaser’s lawyer submitting questions for the landlord to address. Although the landlord is under no legal obligation to answer such questions the majority will be willing to assist. They are at liberty to charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, without which the charge is not strictly payable. In reality you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
I am the registered owner of a second floor flat in Covent Garden. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to determine the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Covent Garden flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The remaining number of years on the lease was 73.26 years.