My husband and I are purchasing a 2 bedroom flat in Kings Langley with a mortgage. We have a Kings Langley conveyancer, however the mortgage company advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Kings Langley solicitor and pay for one of their panel firms to represent them. We regard this is inequitable; can we not require that the mortgage company use our Kings Langley conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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. A further alternative is for your Kings Langley conveyancing lawyer to apply to be on the conveyancing panel.
I am under pressure from the mortgagee in possession of a property in Kings Langley to complete within four weeks. What can I do to expedite the legal process?
In a situation where the seller is applying time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will have local connections and knowledge. It is even conceivable that they may have transacted previousproperties in the same road. You would be best advised to use a Kings Langley conveyancing solicitor. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Kings Langley conveyancing deals are suspended or derailed after finding out that a buyer’s conveyancer was not on their mortgage lender’s member panel. In many cases this discovery resulted in the legal process being held up by an average of three weeks. It is believed that this issue impacts in the region of 100,000 home moves every year. Most Kings Langley conveyancing firms can not act for certain lenders so do check as early as possible.
My aunt informed me that in buying a property in Kings Langley there could be various restrictions preventing external alterations to the property. Is this right?
There are anumerous of properties in Kings Langley which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Kings Langley should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am currently in the process of buying my council flat in Kings Langley. I have a mortgage offer with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
I have a mortgage with Kent Reliance for my property in Kings Langley. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance in advance of renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel firm.
five months have elapsed following my purchase conveyancing in Kings Langley took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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 encouragement of my in-laws I had a survey completed on a house in Kings Langley prior to appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to give a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Kings Langley. Conveyancing may be slightly more expensive based on your lender's requirements.
Having checked my lease I have discovered that there are only 72 years remaining on my lease in Kings Langley. I need to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. However, you will be required to prove that you have used your best endeavours to locate the lessor. For most situations a specialist would be helpful to try and locate and to produce a report to be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Kings Langley.
Leasehold Conveyancing in Kings Langley - Examples of Queries Prior to Purchasing
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Does the lease have more than 90 years remaining? Please note if it is fewer than 80 years it will affect the salability of the property. It is worth checking with your lender that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth finding out what this will be. For most Kings Langleylease extensions you will be be obliged to have owned the premises for 24 months in order to be eligible to extend the lease.