We are purchasing a house in Maida Vale. I might seem paranoid but how we can trust a solicitor? On completion day we will need to deposit money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as Kent Reliance, do Maida Vale conveyancing practitioners face an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Can you point me to a directory of Principality panel conveyancers in Maida Vale on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few lending institutions make their panel listings viewable on the web. If you are in need of a Maida Vale solicitor on the Principality please make the most of our facility.
Should my conveyancer be raising questions concerning flooding as part of the conveyancing in Maida Vale.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Maida Vale. There are those who acquire a property in Maida Vale, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous checks that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Maida Vale. The standard information sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out whether the property has historically flooded. In the event that flooding has previously occurred and is not notified by the owner, then a buyer may issue a compensation claim as a result of such an inaccurate reply. The purchaser’s lawyers should also commission an enviro report. This will disclose whether there is a recorded flood risk. If so, further investigations will need to be made.
How does conveyancing in Maida Vale differ for newly converted properties?
Most buyers of new build residence in Maida Vale contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Maida Vale typically purchase the land, 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 accustomed to new build conveyancing in Maida Vale or who has acted in the same development.
My brother has suggested that I use his conveyancers in Maida Vale. Should I use them?
No doubt it’s preferable to select a conveyancing solicitor is to get feedback from friends or relatives who have actually previously instructed the conveyancer you're contemplating using.
I work for a reputable estate agency in Maida Vale where we see a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Maida Vale conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
After years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Maida Vale. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the price.
An example of a Freehold Enfranchisement case for a Maida Vale property is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The number of years remaining on the existing lease(s) was 70.02 years.
Why can't I complete my conveyancing in Maida Vale on Good Friday?
This is due to the fact that on completion the money will pass between the banks of the buyer and owner’s conveyancing practitioner and currently this can only occur on a working day. So you can't complete on a saturday or sunday either.