My wife and I are buying a leasehold flat in Osterley. My lawyer is not on the mortgage company conveyancing panel. Can I still continue with my Osterley conveyancing solicitor even though they are not on the bank list of approved lawyers?
You must use a property lawyer to deal with the formalities when you need a mortgage to purchase your property. The conveyancer will carry out all the essential investigations on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage paperwork is in order. One could instruct a Osterley lawyer of your choice. Nevertheless, if the lawyer appointed is not a member of the mortgage company conveyancing panel additional fees will arise as separate legal representation will be need by the mortgage company. Conveyancing panel applications may be submitted, so provided your conveyancer has not previously sought membership they should do so.
Why do I have to pay up front for conveyancing in Osterley?
Where you are retaining lawyers for conveyancing in Osterley your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this will be needed shortly in advance of exchange of contracts. The closing balance that is needed should be transferred shortly before completion.
Please explain the implications if my lawyer’s firm is suspended from the Co-operative Conveyancing panel ahead of completing my conveyancing in Osterley?
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 at a cost.
I have just started marketing my 2 bed flat in Osterley. Conveyancing lawyers have not yet been instructed, however I have just received a half-yearly maintenance charge demand – what should I do?
The sensible thing to do is clear the maintenance contribution as normal given that all rents and maintenance payments should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a ground floor flat in Osterley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Osterley conveyancing firm who can help.
An example of a Lease Extension decision for a Osterley premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The number of years remaining on the existing lease(s) was 60.45 years.
To what extent are Osterley conveyancing solicitors under an obligation to the Law Society to publish clear conveyancing figures?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Osterley or beyond.