We are approaching an exchange on a flat in St Margarets and my parents have transferred the ten percent deposit to my property lawyer. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The lawyer is obliged to check with the bank to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
This question may be naive but I am unseasoned as FTB of a garden flat in St Margarets. Do I pick up the keys to the premises on completion from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in St Margarets?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be invited to collect the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
We have agreed to purchase a house in St Margarets. A rare aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Leeds Building Society your lawyer must check the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not comply with these provisions. The provisions relate to the installation of panels on properties countrywide and is not isolated to St Margarets.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a St Margarets lawyer on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Various internet forums that I have visited warn that are the number one cause of delay in St Margarets conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any slowing down conveyancing in St Margarets.
Am I best advised to go with a St Margarets conveyancing lawyer based in the vicinity that I am buying? An old friend can execute the legal formalities but they are based 300kilometers away.
The primary upside of using a local St Margarets conveyancing practice is that you can visit the firm to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were happy that should surpass using an unknown St Margarets conveyancing lawyer solely due to them being round the corner.
I am a negotiator for a long established estate agency in St Margarets where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received conflicting advice from local St Margarets conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start 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 before, 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 purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a St Margarets conveyancing firm to represent me?
in cases where there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the amount due.
An example of a Lease Extension matter before the tribunal for a St Margarets residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The remaining number of years on the lease was 60.45 years.
I'm purchasing a house in St Margarets. I can find my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name on the list. Is this a big problem?
Not all staff in the practice must be listed by the regulator. Provided there is someone qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unqualified staff.