Am I correct in assuming that the fact that my conveyancer in Northwick Park is not identified on my mortgage company's conveyancing panel that there is a problem with the standard of her conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Northwick Park conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
Are the BSA planning on creating a search tool with a view to list practices on the Melton Mowbray Building Society conveyancing panel for example in Northwick Park?
Lexsure has not been advised of any intention on the part of the BSA to promote such a search facility.
Various web forums that I have frequented warn that are a common cause of stalling in Northwick Park house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Northwick Park.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Northwick Park I like with a park and station in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Northwick Park suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I am a negotiator for a long established estate agent office in Northwick Park where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Northwick Park conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a second floor flat in Northwick Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension matter before the tribunal for a Northwick Park premises is 2, 3, 5 & 7 High Mead in September 2013. The Tribunal determined that the premium payable by the Applicant tenants for an extended lease of Flat 2 is £22,966 , of Flat 3 is £25,051 , of Flat 5 is £24,725 , and Flat 7 is £22,966 , in all cases exclusive of statutory costs. This case was in relation to 4 flats. The unexpired lease term was 61.58 years.