My previous solicitor has quoted £1150 for no completion no fee conveyancing in North Kensington. I’m looking to sell a newly refurbished property for £150,000. Is this too much? Is it in excess of the average fee for conveyancing in North Kensington?
The charges are a little high. Where you are content to invest time contrasting prices you may be able to reduce the fees slightly by as much as £125. On the other hand, you mightlive to regret choosing an a cheaper solicitor. Remember to enquire the solicitor can represent your bank. You can make use of our comparison tool to locate a North Kensington conveyancing company on the lender’s conveyancing panel which can often include conveyancing solicitors in North Kensington.
My lawyer has discovered a a legal deficiency with the lease for the flat we are purchasing in North Kensington. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
I have been told that property searches are the number one reason for hinderance in North Kensington house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in North Kensington.
I am buying my first flat in North Kensington with a loan from Alliance & Leicester . The developers refused to move on the amount so I negotiated £7000 of extras instead. The house builders rep advised me not inform my lawyer about this deal as it will affect my mortgage with the bank. Is this normal?.
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.
My father has suggested that I instruct his lawyers for conveyancing in North Kensington. Do I take his recommendation?
There are no two ways about it the ideal way to choose a conveyancing lawyer is to get recommendations from friends or relatives who have actually previously instructed the conveyancer that you are are thinking of instructing.
Last July I purchased a leasehold house in North Kensington. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a North Kensington conveyancing firm to assist?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to assess the amount due.
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 was in relation to 1 flat. The remaining number of years on the lease was 37.79 years.