My fiance and I are planning to acquire a flat in Swiss Cottage and are in fact using a Swiss Cottage conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this morning contacted us to inform me that there is now an issue as our Swiss Cottage solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Swiss Cottage lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I sincerely hope you can assist me. My Swiss Cottage solicitor is advising me that he is legally obliged toconduct Swiss Cottage conveyancing searches due to the fact thatthe firm are on the HSBCsolicitor panel. Is this really necessary?
You have limited options available to you. Given that you are taking out a loan with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Swiss Cottage conveyancing searches.
Forgive me if this question is silly but I am unseasoned as FTB of a two bedroom flat in Swiss Cottage. Do I receive the keys to the premises on the completion date from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Swiss Cottage?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you will be called to collect the keys from the property Agents and move into your new home. Usually this occurs early afternoon.
Planning on purchasing a apartment in Swiss Cottage. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Swiss Cottage solicitor is on the TSB conveyancing panel.
I have instructed a Swiss Cottage conveyancer having checked that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?
RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Swiss Cottage postcode. As you are getting a mortgage with RBS, you could contact them to see if they have a list of approved surveyors in Swiss Cottage.
What can a local search tell me concerning the property we're buying in Swiss Cottage?
Swiss Cottage conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search is essential in every Swiss Cottage conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
About to purchase a new build flat in Swiss Cottage. Conveyancing is a frightening process 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 legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Swiss Cottage
There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Do you have any advice for leasehold conveyancing in Swiss Cottage from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Swiss Cottage can be reduced if you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Swiss Cottage leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer in advance.
I have had difficulty in seeking a lease extension in Swiss Cottage. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension decision for a Swiss Cottage property is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The remaining number of years on the lease was 16.83 and 16.43.