My partner and I are planning to acquire a home in Uxbridge and are in fact using a Uxbridge conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Barclays have this evening contacted us to inform me that there is now an issue as our Uxbridge conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Uxbridge lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I own a freehold house in Uxbridge but still pay rent, why is this and what is this?
It is rare for properties in Uxbridge and has limited impact for conveyancing in Uxbridge 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Do the Building Society Association intend to launch a online directory to to identify practices on the Darlington Building Society conveyancing panel for example in Uxbridge?
Lexsure has not been advised of any plans on the part of the BSA to develop such a register.
Over the last few months I have been searching for a flat up to £305k and found one near me in Uxbridge I like with amenity areas and railway links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Uxbridge suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Can you provide any advice for leasehold conveyancing in Uxbridge from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Uxbridge can be avoided if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers. If you are supposed to have a share in the Management Company, you should make sure that you are holding the original share document. Arranging a duplicate share certificate can be a time consuming formality and slows down many a Uxbridge conveyancing transaction. If a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this as soon as possible. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example laid down wooden flooring? Uxbridge leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you fail to have the paperwork to hand do not communicate with the landlord without contacting your conveyancer before hand. If there is a history of conflict with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be warry about purchasing a flat where a dispute is unsettled. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Uxbridge. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to determine the price.
An example of a Freehold Enfranchisement decision for a Uxbridge premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The remaining number of years on the lease was 69 years.
We are in the middle of purchasing a property in Uxbridge. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this adversely affect our Halifax valuation?
Uxbridge conveyancing does not usually involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it shouldn't impact the value significantly.
On the flip side, if it's, say, 50 years it is bound to have a significant impact on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease provided to your conveyancer.