I am purchasing a leasehold flat in Park Royal. My Solicitor is not on the bank solicitor panel. Is it possible for me to appoint my Park Royal conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
Various options include
- Carry on with your existing Park Royal conveyancer but your bank will need to retain a solicitor on their approved list. The net result is additional fees together with probable frustration.
- Get a fresh conveyancer to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your lawyer to pull out all the stops to get accepted on the lender’s conveyancing panel
I have given 2 months notice to my current landlord and must vacate my rented apartment in Park Royal by the end of next month. Conveyancing on my purchase is underway. Can I complete in 4 weeks as don't want to have to move into short term accommodation?
It is unwise to provide notice on a rental unless exchange of contracts has taken place. If you have not already done so, contact to your solicitor and urge them to they apply pressure on the other solicitors, try to an acceptable time-line that all parties will look to achieve
My grandfather passed away 10 months ago and as sole heir and executor I was left the house in Park Royal. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this possible?
If you plan to refinance then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
What is your number one tip for choosing a conveyancing solicitor in Park Royal
We would encourage you not to base your choice on the lowest Park Royal conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. 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 know exactly what you’ll have to pay in ahead of time.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Park Royal?
There are two types of lawyers who can conduct conveyancing in Park Royal namely licenced conveyancers or solicitors. Both professionals provide the legal services that required to complete the sale or acquisition of property. Both are obliged to carry out Park Royal conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be properly administered and that all requirements and procedures should be correctly attended to.
The mortgage over my property is with Nationwide for my property in Park Royal. Conveyancing was finalised months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Your original mortgage agreement with Nationwide will provide that you need their approval before renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide 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 Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel lawyer.
I decided to have a survey completed on a property in Park Royal ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders tend refuse to issue a loan on this type of house.
It varies from the lender to lender. Lloyds has different instructions for example to Halifax. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Park Royal. Conveyancing may be slightly more expensive based on your lender's requirements.
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Park Royal. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension decision for a Park Royal flat 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 affected 1 flat. The unexpired term as at the valuation date was 28.42 years.
What are the frequently found deficiencies that you come across in leases for Park Royal properties?
Leasehold conveyancing in Park Royal is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain elements of the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Alliance & Leicester all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the purchaser to withdraw.