My wife and I are purchasing a 3 bedroom apartment in South Kensington with a mortgage. We like our South Kensington lawyer, but the lender advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our South Kensington property lawyer as well as pay for one of their panel lawyers to act for them. We feel that this is inequitable; can we not require that the lender use our South Kensington property lawyer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your South Kensington conveyancing lawyer to apply to be on the conveyancing panel.
Should my lawyer be making enquiries concerning flooding as part of the conveyancing in South Kensington.
Flooding is a growing risk for lawyers specialising in conveyancing in South Kensington. There are those who acquire a house in South Kensington, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that can be carried out by the purchaser or by their lawyers which can give them a better understanding of the risks in South Kensington. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to discover if the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser may bring a compensation claim resulting from an misleading reply. A buyer’s lawyers will also commission an environmental report. This should disclose if there is a recorded flood risk. If so, more detailed inquiries will need to be initiated.
Just bought a detached house in South Kensington , how long should it take for the Land Registry to record my ownership? My South Kensington conveyancing solicitor works at snail pace, so I want to be sure that my ownership is recorded.
There is nothing unique about conveyancing in South Kensington registration formalities. As opposed to being determined by geographic area, timescales can differ subject to the party submitting the application, whether there are errors and if the Land registry have to notify any 3rd parties. At present roughly 80% of submission are completed within two weeks but occasionally there can be longer hold-ups. Historically registration is effected once the new owner is living at the property therefore an expedited registration is not usually top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer could speak with the land registry and explain the circumstances.
The estate agent has sent us the confirmation of our purchase of a new build apartment in South Kensington. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in South Kensington
-
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply a car parking plan. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I work for a reputable estate agency in South Kensington where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local South Kensington conveyancing firms. Could you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Despite our best endeavours, we have been unsuccessful in trying to purchase the freehold in South Kensington. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We are happy to put you in touch with a South Kensington conveyancing firm who can help.
An example of a Lease Extension decision for a South Kensington residence is Flat 16 21/22 Stanhope Gardens in November 2010. the Leasehold Valuation Tribunal concluded 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 £106,975 This case related to 1 flat. The remaining number of years on the lease was 51.93 years.
How and when do I cover the costs of stamp duty payable for my house transaction in South Kensington?
Most conveyancers tend to complete a stamp duty return on your behalf as part of your South Kensington conveyancing transaction for you to sign. On completion your conveyancing practitioner will submit your STL application to the Tax Authorities and - as long as they have the funds - settle any land tax liability for you.
