Unfortunately I am unable to travel far from Gerrards Cross. Is there a reason why all Gerrards Cross solicitors are not on all bank panels?
Pre- 2008 most lenders had an attitude to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Accordingly, banks have since soughtmore information from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Many firms have been excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of volume of transactions the lenders required.
My Gerrards Cross solicitor has uncovered a discrepancy between the assumptions in the valuation report and what is in the title deeds. My lawyer says that he is duty bound to check that the bank is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold house in Gerrards Cross but still invoiced for rent, why is this and what is this?
It is rare for properties in Gerrards Cross and has limited impact for conveyancing in Gerrards Cross but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a ground floor flat in Gerrards Cross. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Gerrards Cross?
On the day of completion you do not need to go to the conveyancers office in Gerrards Cross. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you will be invited to collect the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
My conveyancer has informed me that defective lease insurance is needed on my purchase. What is the level of cover for Gerrards Cross conveyancing?
The right level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Can I be sure that the Gerrards Cross conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in Gerrards Cross obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer carrying out your transaction.
I've recently bought a leasehold house in Gerrards Cross. Am I liable to pay 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. Strange as it may seem, 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 dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Gerrards Cross. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or if 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 LVT to calculate the amount due.
An example of a Lease Extension decision for a Gerrards Cross premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired term as at the valuation date was 71 years.
We are seeking to purchase a repossessed property in Gerrards Cross and the mortgagee in possession demand completion inside 28 days. Do solicitors meet that timeframe? Am I best advised to instruct a high street Gerrards Cross firm or an online organisation that advertises to complete quickly?
Attend your Gerrards Cross shopping parade. Pop in to a couple of companies and ask to talk to a conveyancing solicitor for a quote. Explain your situation and try and obtain assurances on speed. Appoint the firm that comes across as most efficient. You need to use a property lawyer on the panel of property lawyers acceptable to your bank.