My wife and I are only a couple days away from an exchange on a flat in St Pancras and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been sent from someone other than me my conveyancing practitioner needs to make a notification to my bank. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the lender about my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your property lawyer is obliged to clarify with lender to ensure that they know that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We note that you have a search directory identifying law firms on the Clydesdale conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in St Pancras?
We are a listing service only for law firms wishing to communicate if they are on the Clydesdale conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in St Pancras.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. St Pancras is where the house is located. Can you offer any opinion?
Flying freeholds in St Pancras are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside St Pancras you would need to get your solicitor to go 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 St Pancras may decide 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 property.
Am I right to be wary about third parties that I am dealing with are recommending a national conveyancing firm as opposed to a local St Pancras conveyancing company?
As with many service providers, often referrals from connections can be worth their weight in gold. Yet there are numerous parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to appoint. On occasion these solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the endorsement. You have the discretion to choose your preferred lawyer. You need to be aware that most lenders specify a panel list of conveyancers you have to use for the lender aspect of your transaction.
I am the registered owner of a ground flat in St Pancras. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Where there is a missing landlord 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 assess the sum to be paid.
An example of a Lease Extension decision for a St Pancras flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired residue of the current lease was 66.8 years.
When it comes to leasehold conveyancing in St Pancras what are the most frequent lease problems?
Leasehold conveyancing in St Pancras is not unique. All leases are unique and drafting errors can result in certain clauses are wrong. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party.
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Norwich and Peterborough Building Society, and Godiva Mortgages Ltd all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
I am hoping to purchase a repossessed property in St Pancras and the bank selling would like to complete inside a month. Can a conveyancer meet that timeframe? Would it be better to instruct a local St Pancras firm or an online company that professes to complete quickly?
Attend your St Pancras high street. Go in to two or three firms and request to see a conveyancing solicitor for an estimate. Discuss your requirements and try and obtain a commitment on speed. Choose the firm that comes across as most trustworthy. Make sure to use a lawyer on the panel of conveyancing practitioners acceptable to your mortgage company.