My fiance and I are hoping to acquire a flat in Holland Park and are in fact using a Holland Park conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this evening contacted us to inform me that they have now hit a problem as our Holland Park conveyancer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Holland Park lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My son is buying a house that has just been built in Holland Park with a home loan from HSBC. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
A relative pointed out to me me that in buying a property in Holland Park there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Holland Park which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Holland Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We have a mortgage agreed in principle with UBS. Holland Park conveyancing lawyers are instructed. How long does it take for UBS to issue the offer to the lawyer?
There is no definitive answer here. Have UBS conducted the survey? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Coventry BS for my property in Holland Park. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval before renting your property as this is likely to be a breach of Coventry BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. It should not be necessary to do this via a Coventry BS conveyancing panel lawyer.
We are downsizing from our property in Holland Park and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the buyers are using a nationwide conveyancing firm rather than a conveyancing solicitor in Holland Park. We have lived in Holland Park for many years we know that this is a non issue. Should we get in touch with our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Am I better off to use a Holland Park conveyancing lawyer based in the area that I am buying? An old friend can conduct the conveyancing however his firm is located 400kilometers away.
The benefit of a high street Holland Park conveyancing practice is that you can visit the firm to sign documents, hand in your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and the majority were impressed that should surpass using an unfamiliar Holland Park conveyancing lawyer just because they are Holland Park based.
I am on look out for some leasehold conveyancing in Holland Park. Before diving in I require certainty as to the unexpired term of the lease.
If the lease is registered - and most are in Holland Park - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
After years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Holland Park. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Holland Park conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Holland Park premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired residue of the current lease was 37.79 years.