Souldusing a North Kensington conveyancing practitioner make my purchase more efficient?
On the whole conveyancing practitioners in your area will have excellent relationships with your local authority, which can assist with your North Kensington conveyancing searches that your solicitor will require on your transaction. It can only be a plus if they enjoy existing rapport with the Local Land Registry Office your area North Kensington, other conveyancers in the neighbourhood and North Kensington Estate Agents.
Our conveyancer has uncovered a a legal deficiency with the lease for the apartment we are buying in North Kensington. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
A friend suggested that if I am buying in North Kensington I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard North Kensington conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about North Kensington around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the North Kensington Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning North Kensington.
I'm purchasing a new build house in North Kensington with the aid of help to buy. The developers refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not inform my conveyancer about this side-deal as it may put at risk my mortgage with TSB. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a house in North Kensington in advance of instructing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some banks will refuse to give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in North Kensington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in North Kensington to see if the conveyancing will be more expensive.
I work for a busy estate agent office in North Kensington where we have witnessed a number of flat sales put at risk as a result of short leases. I have been given inconsistent advice from local North Kensington conveyancing solicitors. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner 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 needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I am the proprietor of a ground flat in North Kensington. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the premium.
An example of a Lease Extension decision for a North Kensington residence 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 related to 1 flat. The unexpired term as at the valuation date was 37.79 years.