Why is leasehold purchase conveyancing in Hammersmith is more expensive?
In short, leasehold conveyancing in Hammersmith and elsewhere usually requires extra work compared to freehold transactions. This includes checking the lease terms, corresponding with the landlord concerning serving required notices, procuring current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
Can you clarify what the consequences are if my solicitor is expelled from the Kent Reliance Solicitor panel ahead of completing my conveyancing in Hammersmith?
First, this is very unlikely to happen. 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.
Should my conveyancer be raising enquiries regarding flooding during the conveyancing in Hammersmith.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Hammersmith. There are those who acquire a house in Hammersmith, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a number of checks that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Hammersmith. The standard completed inquiry forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the seller to discover whether the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the owner, then a buyer could bring a claim for damages as a result of such an inaccurate answer. The buyer’s solicitors may also conduct an enviro search. This should indicate if there is any known flood risk. If so, more detailed investigations will need to be initiated.
How does conveyancing in Hammersmith differ for newly converted properties?
Most buyers of new build premises in Hammersmith come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Hammersmith typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hammersmith or who has acted in the same development.
I decided to have a survey completed on a house in Hammersmith before instructing lawyers. I have been advised that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies will refuse to grant a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hammersmith. Conveyancing will be smoother if you use a solicitor in Hammersmith especially if they are acquainted with such properties in Hammersmith.