My husband and I are looking to buy a home in Kensington and are in fact using a Kensington conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. TSB have this evening contacted us to advise us that they have now hit a problem as our Kensington lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of 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 Accreditation 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Kensington solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Should commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Kensington?
Many commercial conveyancing solicitors in Kensington will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Kensington. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Kensington.
For each commercial conveyancing transaction in Kensington it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Kensington commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Kensington.
How does conveyancing in Kensington differ for new build properties?
Most buyers of new build premises in Kensington contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Kensington tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kensington or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Kensington I like with a park and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Kensington for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Should I be suspicious by estate agents that I am dealing with are recommending a web based conveyancing firm as opposed to a High Street Kensington conveyancing firm?
As is the case with many professional services, often suggestions from connections can be most helpful. Yet there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and lenders may put forward lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are at liberty to choose your preferred lawyer. However, bear in mind that the majority of banks specify a panel list of conveyancers you must use for the mortgage related work in your house move.
If all goes to plan we aim to complete the sale of our £350,000 apartment in Kensington in six days. The landlords agents has quoted £408 for Landlord’s certificate, insurance certificate and 3 years statements of service charge. Is the landlord entitled to charge exorbitant fees for a flat conveyance in Kensington?
For most leasehold sales in Kensington conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Answering pre-exchange questions
Where consent is required before sale in Kensington
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
After months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Kensington conveyancing firm who can help.
An example of a Lease Extension case for a Kensington property 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 affected 1 flat. The remaining number of years on the lease was 37.79 years.