I am need of leasehold conveyancing for an apartment in a fairly new development (seven years built) in Campden Hill. 95% of the flats are already sold. Is it strictly necessary to order local searches for my conveyancing in Campden Hill?
A big part of the Campden Hill conveyancing process is the conveyancing searches. There are numerous search providers who offer Campden Hill conveyancing searches, as well direct from the local authority. These are generally termed personal search providers and they produce, not surprisingly, personal searches. However, all Local Authority Search conveyancing products have one thing in common - they must secure their information from the local authority.
is it true that all Campden Hill conveyancing solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I am expecting a OIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Campden Hill solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Campden Hill solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I can not fathom if my bank requires a lease extension. I have called my Campden Hill building society branch on various occasions and was advised it wasn't an issue and they will lend. My Campden Hill conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
The solicitor must comply with the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Will our conveyancer be raising questions concerning flooding as part of the conveyancing in Campden Hill.
Flooding is a growing risk for conveyancers specialising in conveyancing in Campden Hill. Some people will purchase a house in Campden Hill, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various checks that can be initiated by the purchaser or by their solicitors which can give them a better appreciation of the risks in Campden Hill. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to determine if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the owner, then a buyer may issue a compensation claim as a result of such an misleading reply. The purchaser’s lawyers should also conduct an environmental report. This should higlight if there is a recorded flood risk. If so, additional inquiries should be conducted.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Campden Hill I like with a park and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Campden Hill in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
A couple of weeks ago I was told by my lender that their panel solicitors operate no completion no charge basis for conveyancing in Campden Hill. I had a purchase fall through yet the lawyers have requested search fees! They are claiming that the fees are seperate!
Campden Hill conveyancing search costs are disbursements not solicitors fees as these are due to a third party.