Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in West Dulwich. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
What happens if my solicitor is expelled from the Aldermore Conveyancing panel ahead of completing my conveyancing in West Dulwich?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
This question may be naive but I am wet behind the ears as FTB of a garden flat in West Dulwich. Do I pick up the keys to the house on completion from my lawyer? If this is the case, I will find a local conveyancing solicitor in West Dulwich?
On the day of completion you do not need to go to the conveyancers office in West Dulwich. Conveyancing lawyers for you will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be called to collect the keys from the property Agents and start moving into the property. Usually this happens early afternoon.
We are planning to move property in June. Does my conveyancing solicitor call the removal company on the day of completion. On a separate note, can you put forward a removal company in West Dulwich. Conveyancing lawyer was found prior to coming across this website.
On the day of completion you can collect the house keys from the selling agent however this can only be done when the previous owners lawyers advise the agent that they acknowledge receipt of the completion payment and the keys can be released. After that you will need to inform the removal company that you are ready to move in. We do not recommend a particular removal organisation but can assist you in choosing a conveyancing in West Dulwich or a legal practice that specialises in conveyancing in West Dulwich.
Does a directory service exist listing Clydesdale panel conveyancers in West Dulwich on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few lenders make their panel listings viewable online. Where you are looking for a West Dulwich solicitor on the Clydesdale please make the most of our facility.
A relative recommended that if I am buying in West Dulwich I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard West Dulwich conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about West Dulwich around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the West Dulwich Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, West Dulwich Education with plans and statistics, Local Amenities and other useful data regarding West Dulwich.
It has been three months following my purchase conveyancing in West Dulwich concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am tempted by the attractive purchase price for a two apartments in West Dulwich which have in the region of 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in West Dulwich is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with West Dulwich conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a a ground floor purpose built flat in West Dulwich. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to make a decision on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a West Dulwich property is 8 Deerbrook Road in May 2010. the Tribunal held that the enfranchisement price, in accordance with section 32 and Schedule 6 of the Leasehold Reform, Housing and Urban Development Act 1993 was £22,820, payable by the Applicants. By an order of the Lambeth County Court dated 17 June 2009 the case had been transferred to the Leasehold Valuation Tribunal for its determination of the premium payable This case was in relation to 3 flats.