My lawyer has uncovered a defect with the lease for the property we are buying in North West London. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
I am buying a 4 bedroom semi-detached house in North West London. Our aim is to carry out an extension to the side at the house.Will the conveyancing process include checks to ascertain if these works are prohibited?
Your conveyancer should check the deeds as conveyancing in North West London can sometimes reveal restrictions in the title documents which prevent categories of changes or need the permission of a 3rd party. Certain additions need local authority planning consent and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor ahead of any purchase.
I am being told by my solicitor that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in North West London?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my North West London bank branch on a couple of occasions and was told they are content with the situation and they would lend. My North West London conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. Who do I believe?
As long as the property lawyer is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What does a local search tell me concerning the property I am purchasing in North West London?
North West London conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searches UK The local search is essential in every North West London conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
My uncle has recommend that I appoint his conveyancing solicitors in North West London. Should I choose my own conveyancer?
There are no two ways about it the ideal way to choose a conveyancing practitioner is to seek referrals from friends or family who have actually previously instructed the conveyancer you're considering.
Jane (my partner) and I may need to sub-let our North West London garden flat for a while due to a new job. We used a North West London conveyancing firm in 2004 but they have closed and we did not think at the time seek any guidance as to whether the lease prohibits the subletting of the flat. How do we find out?
Notwithstanding that your previous North West London conveyancing lawyer is not around you can check your lease to check if it allows you to sublet the property. The accepted inference is that if the lease is non-specific, subletting is allowed. Quite often there is a prerequisite that you are obliged to obtain consent via your landlord or other appropriate person before subletting. This means you not allowed to sublet without prior permission. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I inherited a 2 bed flat in North West London, conveyancing formalities finalised September 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in North West London with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease finishes on 21st October 2073
With just 52 years remaining on your lease we estimate the premium for your lease extension to be between £29,500 and £34,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.