My wife and I are looking to purchase a house in North Kensington and are in fact using a North Kensington conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our North Kensington conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own North Kensington solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I require fast conveyancing in North Kensington as I have a deadline to sign on the dotted line inside 2 weeks. Thankfully I do not require a mortgage. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you have the choice not to do searches although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in North Kensington the following are instances of what can appear and adversely affect future mortgageability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
2 months have gone by since my purchase conveyancing in North Kensington completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 premises 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.
Should I be suspicious that 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local North Kensington conveyancing company?
As with many professional services, often referrals from connections can be very helpful. But there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and banks may suggest lawyers to select. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. Don't forget that some lenders specify a panel list of solicitors you are obliged to use for the mortgage aspect of your conveyancing.
My brother has suggested that I appoint his conveyancers in North Kensington. Should I use them?
No doubt the ideal way to choose a conveyancing lawyer is to seek guidance from friends or relatives who have previously instructed the conveyancer that you are contemplating using.
I have just appointed agents to market my basement apartment in North Kensington. Conveyancing is yet to be initiated, but I have recently had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the service charge as usual as all ground rent and service charges should be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have given up negotiating a lease extension in North Kensington. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the amount due.
An example of a Lease Extension case for a North Kensington property 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 was 37.79 years.