My conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Northolt. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. These conveyancing instructions have to be complied with.
We note that you have a post code search directory identifying firms on the Coventry BS conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in Northolt?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Northolt.
I am expecting a OIP from RBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Northolt solicitors on the RBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Northolt solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
The mortgage over my property is with Yorkshire BS for my property in Northolt. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval before renting your property as this is likely to be a breach of Yorkshire BS’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 Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
Planning on purchasing a apartment in Northolt. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Northolt conveyancer is on the Nottingham conveyancing panel.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who conducted the conveyancing in Northolt 10 years ago no longer exist. What are my next steps?
In today’s world there are copies made of almost everything, and your conveyancer will be aware precisely where to find all the suitable documentation so you can purchase or dispose of your house without a hitch. If copies are not available, your solicitor can put in place insurance or indemnities protecting you against future claims on your premises.
I am attracted to a couple of flats in Northolt which have approximately forty five years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Northolt is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Northolt conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Northolt. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Northolt residence is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case affected 1 flat. The remaining number of years on the lease was 79 years.
I have just appointed agents to market my 2 bed apartment in Northolt.Conveyancing has not commenced however I have just received a half-yearly maintenance charge invoice – Do I pay up?
It best that you clear the maintenance contribution as usual because all ground rent and maintenance charges will be apportionedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents 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