I am purchasing an apartment in Elm Park. My Conveyancer is not on the lender approved list. Am I still permitted to retain my Elm Park conveyancing solicitor even though they are not on the mortgage company panel of approved conveyancing solicitors?
Your options include
- Complete the purchase with your chosen Elm Park lawyer but your bank will no doubt instruct a solicitor on their approved list. This will result in additional fees together with likely frustration.
- Appoint a fresh property lawyer to act in the purchase, ensuring that they are on the lender conveyancing panel.
- Convince your property lawyer to pull out all the stops to join the bank’s conveyancing panel
IfI was to buy a freehold homein Elm Park for cash and have no survey and no local authority searches how much could I expect to have to pay for conveyancing in Elm Park?
Any savings you would make would be isolated to the Elm Park conveyancing searches. A solicitor is required to do the vast majority of work - money laundering, liaising with the vendors solicitor, SDLT return, register the property etc. You might save a bit for them not needing to register a charge however it won't be a lot.
I own a 4 bedroom Victorian property in Elm Park. Conveyancing solicitor represented me and Chelsea Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Elm Park and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing practitioner who conducted the purchase.
I'm buying my first flat in Elm Park with a loan from Bank of Ireland. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about this deal as it may impact my mortgage with the lender. 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 recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Elm Park is where the house is located. What do you suggest?
Flying freeholds in Elm Park are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Elm Park you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elm Park 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.
What advice can you give us when it comes to appointing a Elm Park conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Elm Park conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with several firms including non Elm Park conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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How many lease extensions has the firm conducted in Elm Park in the last year? Can they put you in touch with clients in Elm Park who can give a testimonial?
Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Elm Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the sum to be paid.
An example of a Lease Extension case for a Elm Park residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired lease term was 57.5 years.