We are buying a 1 bedroom flat in Keston with a residential mortgage from Nationwide Building Society.We would like to retain our Keston conveyancing practitioner but Nationwide Building Society informed us his firm is not listed on their approved list of member firms. It seems we have no choice but to instruct a Nationwide Building Society panel firm or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you contains terms and conditions, a common one being that solicitors will be on the Nationwide Building Society conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Nationwide Building Society
How does conveyancing in Keston differ for newly converted properties?
Most buyers of new build residence in Keston contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Keston tend to purchase the site, 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 Keston or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Keston I like with amenity areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Keston in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I have been pointed in your direction by a number of estate agents in Keston to get a quote from a solicitor using your seach tool. Is there a financial incentive for Estate Agents to promote your site over and above a competitor’s?
We don’t make any referral fee for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
My step-father has suggested that I appoint his lawyers for conveyancing in Keston. Should I use them?
There are no two ways about it the ideal way to choose a conveyancing solicitor is to have feedback from friends or family who have previously instructed the solicitor you're considering.
Do you have any advice for leasehold conveyancing in Keston with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Keston can be reduced where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information needed by the buyers’ lawyers. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a Keston conveyancing deal. If a duplicate share is necessary, do contact the company director and secretary or managing agents (if relevant) for this as soon as possible. If there is a history of conflict with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic as opposed to ongoing. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Keston leases often stipulate that internal structural changes or addition of wooden flooring require a licence issued by the Landlord approving such works. Where you fail to have the approvals to hand do not contact the landlord without checking with your lawyer before hand.
I am the proprietor of a second floor flat in Keston. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
if there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension decision for a Keston flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.