I am not in a position to travel far from West Kensington. I would like to know the reason why all West Kensington property lawyers aren't included on all mortgage company panels?
Banks tend to restrict either the nature or volume of conveyancing solicitors on their panel. Frequent examples of such restriction(s) being that a practice is required to have two or more partners. As well as restricting the nature of firm, some lenders made a decision to restrict the size of their panel they permit to act for them. It is worth noting that building societies have no accountability for the accuracy of conveyancing provided by any West Kensington solicitor on their panel. Mortgage fraud was the key driver in the rationalisation of conveyancing panels in the last decade even though there are differing opinions about whether solicitors sat at the center of that fraud. Data via HM Land Registry reveal that thousands of law firms only conduct less than three conveyances a year. Those advocating conveyancing panel pruning question why conveyancing firms deserve the right to be on a bank panel when clearly property law is not their primary expertise?
Please help. My West Kensington solicitor is assuring me that she is duty bound toapply for West Kensington conveyancing searches asthe firm are on the Nat Westsolicitor panel. Is my solicitor right?
You have limited options available to you. As you are obtaining a mortgage with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out West Kensington conveyancing searches.
My bid for a property was accepted at auction in West Kensington. Conveyancing is required. What are my next steps?
Given that you have now legally bound yourself to purchase you will need to hire the services of a conveyancing solicitor quickly as you are facing a tight deadline in which to complete the conveyancing. All auction property should have a bespoke legal pack. This will likely include evidence of title and search results. In the case of leasehold property the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You must pass this on to the solicitor working for you as soon as possible. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
My lawyer has informed me that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in West Kensington?
The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and Barnsley Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
We expect to receive a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any West Kensington solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint West Kensington solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
My colleague suggested that if I am buying in West Kensington I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your West Kensington conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about West Kensington around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, West Kensington Education with plans and statistics, Local Amenities and other useful data about West Kensington.
I am buying a new build flat in West Kensington. 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 conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in West Kensington
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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. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Can you provide any advice for leasehold conveyancing in West Kensington from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in West Kensington can be reduced if you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers’ representatives. Some West Kensington leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or settle 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 will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to ongoing.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a West Kensington conveyancing firm to assist?
You certainly can. We can put you in touch with a West Kensington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West Kensington flat is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term was 37.79 years.