We are soon to complete buying a property in Earls Court but as a consequence of damage from some water damage at the property I have managed to agree recompense from the seller of £3k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process however UBS are not allowing this. Should they have been informed?
Any property lawyer that is on the UBS conveyancing panel is obliged to advise UBS of any amendments to the sale price. If you were to refuse your property lawyer to report the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new lawyer for your conveyancing in Earls Court.
I am buying a garden flat in Earls Court. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Earls Court you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Earls Court.
My bid for a property was accepted at auction in Earls Court. Conveyancing is needed. What is next?
Having legally committed yourself to purchase you now have to find a conveyancing practitioner quickly as you now have a fast approaching a drop dead date to complete the property. An auction property should have a bespoke legal pack. This should include most,if not all of the paperwork that your conveyancer will need. If you have purchased leasehold premises the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to pass this on to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete the transaction on the set completion date.
The formalities of my remortgage has taken place for my property in Earls Court. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Planning on purchasing a house in Earls Court. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Earls Court conveyancer is on the Nottingham conveyancing panel.
I decided to have a survey completed on a property in Earls Court before retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some lenders will not grant a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Earls Court. Conveyancing will be smoother if you use a solicitor in Earls Court especially if they are acquainted with such properties in Earls Court.
Do I need to be wary about estate agents that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Earls Court conveyancing firm?
As with many service providers, often suggestions from relatives can be extremely useful or valuable. Yet there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies may put forward solicitors to use. Sometimes the solicitors might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the recommendation. You are free to select your own conveyancer. However, bear in mind that some mortgage providers specify a panel list of law firms you are obliged to use for the lender related work in your transaction.
I am employed by a reputable estate agency in Earls Court where we see a number of leasehold sales put at risk due to short leases. I have been given inconsistent advice from local Earls Court conveyancing firms. Can you clarify whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have had difficulty in negotiating a lease extension in Earls Court. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to arrive at the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a Earls Court property 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 was in relation to 5 flats. The unexpired lease term was 38.98 years.