My partner and I are hoping to purchase a house in Earls Court and are in fact using a Earls Court conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this evening contacted us to inform me that they have now hit a problem as our Earls Court solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Earls Court solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Why is leasehold purchase conveyancing in Earls Court costs more?
Earls Court leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Earls Court. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
I'm purchasing a new build house in Earls Court with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my conveyancer about the side-deal as it may affect my loan with Nottingham Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've found a house that seems to be perfect, at a reasonable price which is making it more attractive. I have since found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Earls Court. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Earls Court are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Earls Court so you should seriously consider looking for a Earls Court conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your lawyer should appraise you on the various issues.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Earls Court conveyancing firm to help?
Most definitely. We are happy to put you in touch with a Earls Court conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Earls Court flat is 5 Wetherby Gardens in June 2014. the Tribunal concluded that the price to be paid for the freehold of the property was £2,369,452. This case affected 5 flats. The remaining number of years on the lease was 38.98 years.
For various reasons I am unable to get to my Earls Court conveyancing solicitors office to sign documents connected to my conveyancing in Earls Court – will this be an issue?
You need not be concerned. Earls Court conveyancing lawyers can handle conveyancing transactions for clients from a distance. You are unlikely to be required to be present a Earls Court conveyancers office. They can undertake everything remotely from their Earls Court premises.