My fiance and I are purchasing a ground floor flat in Osterley Park. My Conveyancer has never been on on the bank solicitor list. Is it possible for me to appoint my Osterley Park conveyancing solicitor even though they are not on the mortgage company panel of approved conveyancing solicitors?
You have numerous options open to you here
- Carry on with your preferred Osterley Park solicitor but your lender will no doubt retain a lawyer from their conveyancing panel. This will result in additional charges and probable frustration.
- Choose a fresh solicitor to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your conveyancing practitioner to attempt to join the lender panel
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Osterley Park. Do I collect the keys to the property on the completion date from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Osterley Park?
On the day of completion you do not need to go to the conveyancers office in Osterley Park. Your solicitors will transfer the purchase money to the owner’s lawyers, and once they have received this, you will be called to receive the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
Are all Osterley Park Conveyancing Quality Solicitors on the Santander conveyancing panel?
A selection of lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
We had selected conveyancers based in Osterley Park on the Principality solicitor panel. They have just billed me a supplemental fee for the legal aspects of the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
Provided it is contained in their Terms of Engagement or estimate then yes your conveyancing practitioner may levy a fee for this. The charge is not dictated by Principality but by your Osterley Park conveyancing practitioner. Numerous firms on the Principality panel will quote an ‘acting for lender’ fee and others do not.
I am purchasing a new build house in Osterley Park with a loan from Clydesdale. The developers would not move on the amount so I negotiated £7000 of extras instead. The sale representative advised me not to tell my solicitor about the extras as it may affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a leasehold apartment up to £235,500 and found one near me in Osterley Park I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Osterley Park in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I've recently bought a leasehold house in Osterley Park. Do I have any liability for service charges for periods before completion of my purchase?
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. A critical element 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 am the leaseholder of a two-bedroom flat in Osterley Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Absolutely. We can put you in touch with a Osterley Park conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Osterley Park residence is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case was in relation to 2 flats. The unexpired residue of the current lease was 72.39 years.
Our bank agreed in principle to grant us a mortgage. We have retained a high street conveyancer in Osterley Park last week. A couple of hours ago, our mortgage adviser called to say that the mortgage company said that we cannot use our solicitor as they aren't on their 'approved list'. As FTB's, we had no idea that the mortgage company had some control over our choice Is this permitted?
You are permitted to appoint any conveyancing solicitor you prefer to instruct for your conveyancing in Osterley Park nevertheless if they are not on the your bank's panel you would have to incur additional cost so the mortgage company can appoint their own lawyers. On occasion it is possible your solicitor may apply to get added to the lender list of approved firms. You can use internet search facilities including lenderpanel.com to find a conveyancing solcitor in Osterley Park on the lender panel. You can go into your local mortgage company branch in Osterley Park. They can recommend conveyancing solicitors in Osterley Park on the approved list.