Our conveyancer has uncovered a a problem with the lease for the apartment we are buying in Forest Hill. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is happy with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
How do I check that the solicitor handling my conveyancing in Forest Hill is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for The Mortgage Works thus spending £175.00 in additional conveyancing invoice.
You should take advantage of the search tool on this page. Pick the mortgage company and type ‘Forest Hill’ or your preferred area and you will see a number of lawyer located in Forest Hill or nearest you.
It has been three months since my purchase conveyancing in Forest Hill concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a house in Forest Hill before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may not grant a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Forest Hill. Conveyancing will be smoother if you use a solicitor in Forest Hill especially if they regularly deal with such properties in Forest Hill.
Last February I purchased a leasehold flat in Forest Hill. Do I have any liability for service charges for periods before my ownership?
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 be sure 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).
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Forest Hill. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where 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 Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension case for a Forest Hill property is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The remaining number of years on the lease was 61.81 years.
What can I expect to pay for conveyancing in Forest Hill?
Almost all Forest Hill conveyancing firms will charge a standard fee. Where additional work arise during the transaction your lawyer is obliged disclose to you in writing of such extra charges for any work as soon as it becomes foreseeable. Some work on a no sale no fee principle, others will levy an bill for a fraction of the agreed charges, according to the point at which the deal fails.
We would recommend that you seek various firms to send you an estimate.