Is the fact that my solicitor in Upton Park is not listed on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Upton Park conveyancing firm and enquire why they are no longer on the approved list for your lender.
I own a freehold residence in Upton Park but still invoiced for rent, why is this and what is this?
It is rare for properties in Upton Park and has limited impact for conveyancing in Upton Park but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We're in Upton Park, FTBs buying with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I decided to have a survey carried out on a property in Upton Park in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks may not issue a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Upton Park. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Upton Park to see if the conveyancing costs will increase in light of this.
How do I use your search app to find a conveyancing solicitor in Upton Park on the approved list for my bank?
First select a bank such as Barclays , Bank of Scotland or TSB then type in your location e.g. Upton Park. Conveyancing organisations in Upton Park and beyond should be listed.
I am the leaseholder of a two-bedroom flat in Upton Park. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most certainly. We are happy to put you in touch with a Upton Park conveyancing firm who can help.
An example of a Lease Extension case for a Upton Park premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired lease term was 69.77 years.
What are the common deficiencies that you encounter in leases for Upton Park properties?
There is nothing unique about leasehold conveyancing in Upton Park. Most leases are unique and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the property A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, The Royal Bank of Scotland, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.