When does exchange of contracts take place for residential conveyancing in Pratt's Bottom and do I need to attend the solicitors office?
Where you are round the corner to one of the conveyancing solicitors in Pratt's Bottom you are invited in to sign the paperwork. However, the law practices we recommend provide a countrywide conveyancing service and give just as comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not the important part. Signing on the dotted line simply enables the conveyancer to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Pratt's Bottom)to be in the office available at the end of the phone to exchange contracts.
What happens if my solicitor is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Pratt's Bottom?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Pratt's Bottom differ for newly converted properties?
Most buyers of new build residence in Pratt's Bottom approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because developers in Pratt's Bottom tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Pratt's Bottom or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Pratt's Bottom is the location of the property. Can you offer any advice?
Flying freeholds in Pratt's Bottom are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pratt's Bottom you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pratt's Bottom may determine 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've recently bought a leasehold flat in Pratt's Bottom. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee 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. It is an essential part 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).
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Pratt's Bottom. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Pratt's Bottom conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Pratt's Bottom flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.
My husband and I are acquiring a 2 bedroom flat in Pratt's Bottom. When we first instructed conveyancing practitioner, they said that they were on all major UK bank panels. Our financial adviser called just now to advise that they are not on the Principality approved list. Were it to be true, what should we do? Should we simply find a different conveyancer that is on their panel or do we pay for separate representation, with Principality selecting their own preferred solicitor.
When acquiring a property with the benefit of a mortgage it is conventional for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancer has to fulfill. Some lenders now insist their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Principality to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Principality's conveyancing panel as you are at liberty to use your preferred Pratt's Bottom lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.