I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would prefer to instruct a Pimlico based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers should you take up the "fee-free" offer. Call the bank and determine if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Pimlico.
Do commercial conveyancing searches disclose impending roadworks that could impact a commercial land in Pimlico?
Its becoming the norm that commercial conveyancing solicitors in Pimlico will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Pimlico. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Pimlico.
For every commercial conveyancing transaction in Pimlico it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Pimlico commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Pimlico.
I purchased my apartment on 8 June and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Pimlico said it would be concluded in a couple of weeks. Are titles in Pimlico particularly slow to register?
As far as conveyancing in Pimlico registration is no faster or slower than the rest of England and Wales. Rather than based on location, timeframes can differ subject to who lodges the application, whether there are errors and whether the Land registry communicate with any third parties. As of today approximately 80% of submission are fully addressed within two weeks but occasionally there can be extensive delays. Registration is effected once the buyer is living at the property thus an expedited registration is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying my first flat in Pimlico with a loan from Barclays . The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about this side-deal as it may jeopardize my mortgage with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Pimlico is the location of the property. Can you offer any guidance?
Flying freeholds in Pimlico are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pimlico you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pimlico 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 residence.
I am tempted by the attractive purchase price for a couple of apartments in Pimlico both have in the region of 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Pimlico is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less attractive. 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 premises 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 premises 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 Pimlico 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 any new 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 success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Pimlico conveyancing firm to help?
if there is a absentee 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 Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension decision for a Pimlico property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case affected 2 flats. The unexpired residue of the current lease was 56 years.