I am in the process of selling my home in Old Oak Common and the EA has just called to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. Why would a leading mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Old Oak Common ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
I am helping my niece sell her property in Old Oak Common. Will the conveyancer commission an energy assessment or it is for me to coordinate?
Following the demise of Home Information Packs, EPC’s was maintained a required part of selling a property. An energy performance certificate must be to hand before the property is placed on the market. It is not a task that law firms normally arrange. If you are instructing a Old Oak Common conveyancing practitioner they may be willing to arrange energy assessments due to their contacts with long established local accredited person
The mortgage over my property is with Barclays for my property in Old Oak Common. Conveyancing has been completed 12 months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Barclays?
Your original mortgage agreement with Barclays will provide that you need their approval in advance of renting your property as this is likely to be a breach of Barclays’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel firm.
HSBC have agreed my home loan in principle, my bid on a house in Old Oak Common has been agreed to, now what?
The estate agent will want to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Call up HSBC or the financial adviser and finish off any relevant forms. HSBC will appoint a valuer who will get in touch with the estate agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. HSBC will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Old Oak Common.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Old Oak Common.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Old Oak Common. Some people will purchase a house in Old Oak Common, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, however there are a numerous checks that can be undertaken by the purchaser or by their lawyers which will figure out the risks in Old Oak Common. The conventional set of information supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out whether the property has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an misleading reply. The buyer’s conveyancers may also order an environmental report. This should higlight if there is any known flood risk. If so, further investigations will need to be made.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Old Oak Common I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Old Oak Common suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
All being well we will complete the sale of our £275,000 garden flat in Old Oak Common next Wednesday. The management company has quoted £360 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Old Oak Common?
Old Oak Common conveyancing on leasehold flats usually necessitates the purchaser’s conveyancer sending questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be content to do so. They may charge a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is over three hundred pounds, in some cases it is above £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. Reality however dictates that one has no option but to pay whatever is demanded if you want to sell the property.
I am the leaseholder of a ground floor flat in Old Oak Common. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Most certainly. We can put you in touch with a Old Oak Common conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Old Oak Common premises is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case was in relation to 2 flats. The unexpired residue of the current lease was 68.47 years.