Our conveyancer has identified a a problem with the lease for the flat we are buying in Park Royal. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that 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 provisions. You and the lender are the client. The appropriate lender provisions must be adhered to.
My brother-in-law has suggested I instruct a conveyancing solicitor in Park Royal. I need to find out whether they are on the Nottingham Building Society approved list of lawyers. Can you help?
You should phone the solicitor and enquire if they are on the lender panel. Alternatively you can get in touch with Nottingham Building Society who may be able to help.
There is lots of here regarding conveyancing in Park Royal but what is your top tip for choosing the right conveyancer in Park Royal
It would be unwise to be tempted by the cheapest Park Royal conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am the only recipient of my late mum's will and I have everything in my name alone, including the house in Park Royal. The Park Royal property was put into my name in August. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How sensible a view lenders take of it, depend on the lender as this obligation chiefly exists to capture subsales or the wholesaling and assigning of properties.
Yorkshire BS have agreed my home loan in principle, my offer on a apartment in Park Royal has been accepted, now what?
Your estate agent will need to be advised as to your conveyancing practitioner's details (ensure that the lawyers are on the bank’s panel). Call up Yorkshire BS or the financial adviser and finish off any appropriate forms. Yorkshire BS will appoint a valuer who will get in contact with the selling agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about a week to receive the mortgage offer. Yorkshire BS will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Park Royal.
I am planning on selling our property in Park Royal and according to the buyers it appears that there is a risk of it being built on contaminated land. A high street Park Royal lawyer would know that there is no such problem. It does beg the question why the buyers used an online conveyancing firm rather than a conveyancing solicitor in Park Royal. We have lived in Park Royal for 5 years we know of no issue. Do we contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a quick, chain free conveyancing. Park Royal is the location of the property. Can you offer any advice?
Flying freeholds in Park Royal are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Park Royal you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Park Royal may ascertain 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 premises.
What advice can you give us when it comes to appointing a Park Royal conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Park Royal conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Park Royal conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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What volume of lease extensions has the firm completed in Park Royal in the last year? If they are not ALEP accredited then why not?
I have had difficulty in trying to purchase the freehold in Park Royal. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Park Royal conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Park Royal premises is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case was in relation to 1 flat. The unexpired term as at the valuation date was 28.42 years.