I plan on acquiring a leasehold flat in Perivale. My Conveyancer is not listed on the bank conveyancing panel. Is it possible for me to retain my Perivale conveyancing solicitor notwithstanding that they are not on the mortgage company list of approved lawyers?
You have a number of choices open to you here
- Carry on with your existing Perivale lawyer but your mortgage company will no doubt instruct a conveyancing practitioner from their approved panel. This will result in additional fees and likely delay.
- Appoint a fresh property lawyer to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Convince your property lawyer to pull out all the stops to get listed on the mortgage company panel of solicitors
When it comes to lenders such as Clydesdale, do Perivale solicitors face a fee to be on the list of approved solicitors?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Yorkshire BS have agreed my mortgage in principle, my offer on a property in Perivale has been agreed to, now what?
The property agent will wish to know who your solicitors are (be sure the property lawyers are on the lender’s panel). Contact Yorkshire BS or the financial adviser and finish off any relevant forms. Yorkshire BS will instruct a valuer who will get in contact with the estate agent or vendor to schedule a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. Yorkshire BS will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Perivale.
I have finally had an offer on an apartment in Perivale agreed to, the owners do however have a tied purchase. The sellers have offered on somewhere, but it’s not yet tied up, and are looking at other properties booked. I have selected a bricks and mortar conveyancing solicitor in Perivale. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Perivale conveyancing search costs, etc). The first course of action is to check that your lawyer is on the Virgin Money conveyancing panel. Concerning the next stages this very much depends on the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market many purchasers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they request their lawyer to move forward with the conveyancing in Perivale.
I purchased my flat on 5 January and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Perivale advises it should be concluded in less than a month. Are properties in Perivale uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Perivale registration formalities. Rather than based on location, timeframes can differ depending on who lodges the application, whether there are errors and if the Land registry need to notify any 3rd persons or bodies. As of today in the region of 80% of submission are completed within two weeks but occasionally there can be extensive delays. Registration is effected once the buyer has moved in to the property thus 'speed' is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your lawyers can contact the land registry and explain the circumstances.
What does commercial conveyancing in Perivale cover?
Commercial conveyancing in Perivale covers a broad range of guidance, given by qualified solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am tempted by the attractive purchase price for a couple of maisonettes in Perivale both have about 50 years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Perivale is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 residence 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 Perivale conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Perivale conveyancing firm to act on my behalf?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the price.
An example of a Lease Extension decision for a Perivale property is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case affected 1 flat. The unexpired lease term was 74 years.
Our property lawyer in Perivale is asking me for ID documents asserting that this is part of his obligations as a conveyancer on the mortgage company Conveyancing panel. This is news to me - can I refuse?
Anti-terror and anti-money-laundering rules require Perivale conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the mortgage company also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements