We are buying a newly built duplex in Orpington and my conveyancer is telling me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I bought my property in Orpington. Conveyancing solicitors have just been retained on the sale but I can't locate my title documents. Is this a problem?
Don’t worry too much. First there is a chance that the deeds will be retained by your lender or they could be in the possession of the conveyancers who acted in the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Orpington involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Orpington. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Orpington
Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Orpington is the location of the property. Can you shed any light on this issue?
Flying freeholds in Orpington are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Orpington you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Orpington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am using a search engine for the words cheap conveyancing in Orpington it brings up many conveyancerslocally. How do I determine which is the right property lawyer for purchase transaction?
The preferential method of finding the right conveyancer is via trusted testimonial, so seek the guidance of friends and relatives who have bought a property in Orpington or a respected estate agent or financial adviser. Costs for conveyancing in Orpington vary, so it's sensible to obtain a minimum of four quotes from varying types of conveyancers. Dont forget to clarify that the costs are assured not to rise.
Looking forward to sign contracts shortly on a studio apartment in Orpington. Conveyancing solicitors assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Orpington should include some of the following:
Whether your lease provides for a reserve account for major repairs? Information concerning the obligations as set out in the lease to pay service charges - in relation to the building, and the more general rights a lessee has How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years It needs to be made clear to you if the lease permits you to add or upgrade anything in the property- you must know whether any restrictions applies to all alterations or limited to structural alteration, and whether permission is mandated necessary Does the lease prevent you from renting out the flat, or working from home
We have reached the end of our tether in trying to reach an agreement for a lease extension in Orpington. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a Orpington conveyancing firm who can help.
An example of a Lease Extension decision for a Orpington residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.