We are about to sign contracts for a garden flat in Fitzrovia. We encountered a problem. The mortgage offer with Lloyds TSB Bank expires on 16/3/2021 but the sellers are insisting on a completion date of 18/3/2021. Is it possible to extend the loan expiry date?
The best person to deal with your issue is your solicitors who should assess if they corresponding with the mortgage company, vendor’s representatives, property agents or indeed all three given the history of your transaction as of today.
I am considering refinancing my flat in Fitzrovia, does my lawyer need to be on the TSB Solicitor panel?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I'm the sole recipient of my late grandmother’s will with all property in now in my sole name, including the house in Fitzrovia. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in December. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view banks take of it, depend on the mortgage company as this clause is chiefly there to capture the purchase and immediately sell or the wholesaling and assigning of properties.
When it comes to mortgage companies such as Barclays, do Fitzrovia lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We were going to get a OIP from Co-operative this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Co-operative recommend any Fitzrovia solicitors on the Co-operative conveyancing panel, or is it better to go independently?
You will need to appoint Fitzrovia solicitors independently although you'll need to choose one on the Co-operative conveyancing panel. The solicitor represents both you and Co-operative through the process.
We are purchasing a house and the solicitor has referenced Chancel Repair to which the property may be liable because it falls into the area of such a church. He has suggested insurance. Is this really warranted for conveyancing in Fitzrovia
Unless a previous purchase of the house took place after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Fitzrovia to remain encouraging a chancel search and or insurance against a claim.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who handled the conveyancing in Fitzrovia 10 years ago are no longer around. What are my options?
You no longer need to have the physical deeds to prove you own the land or premises, given that the Land Registry have everything they need in a digital format.
Last September I purchased a leasehold house in Fitzrovia. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in negotiating a lease extension in Fitzrovia. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Fitzrovia conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Fitzrovia residence 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 unexpired lease term was 73.26 years.