My partner and I are acquiring property in Osterley Park. My property lawyer is not listed on the bank solicitor panel. Is it possible for me to retain my Osterley Park conveyancing solicitor notwithstanding that they are not on the lender approved list?
One will need to use a property lawyer to complete the formalities if you need a mortgage to purchase your property. The property lawyer will carry out all the relevant investigations on the property, make sure that you will be properly registered as the owner and ensure that all the required mortgage documentation is in order. One can instruct a Osterley Park lawyer of your choosing. Nevertheless, if the conveyancer selected is not on the lender approved list additional fees will arise as separate legal representation will be need by the bank. Bank panel applications may be submitted, so where your solicitor has not in the past applied for membership they can do so.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Santander Solicitor panel ahead of completing my conveyancing in Osterley Park?
The first thing to point out is that, 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 am helping my niece sell her house in Osterley Park. Does the conveyancer order an EPC or it is for the seller to coordinate?
Following the abolition of Home Packs, energy performance certificates was kept a mandatory part of selling a property. An energy performance certificate needs to be commissioned in advance of the property being advertised. This is not as aspect of the sale process that lawyers ordinarily organise. Where you are using a Osterley Park conveyancing lawyer they might be willing to arrange energy assessments given their contacts with long established Osterley Park providers
We had appointed solicitors based in Osterley Park on the Lloyds solicitor approved list. They have just billed me an additional sum for dealing with the Lloyds mortgage. Is this a supplemental conveyancing fee set by Lloyds?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer can levy a fee for this. The fee is not set by Lloyds but by your Osterley Park conveyancing practitioner. Numerous firms on the Lloyds panel will quote an ‘acting for lender’ fee but plenty of firms include it on their overall fee.
Aldermore have agreed my home loan in principle, my bid on a property in Osterley Park has been agreed to, now what?
The property agent will wish to be advised as to your conveyancer's details (make sure the solicitors are on the lender’s panel). Telephone Aldermore or your broker and finish off any relevant documentation. Aldermore will instruct a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to occur. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Aldermore will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Osterley Park.
I am tempted by the attractive purchase price for a two apartments in Osterley Park which have approximately 50 years unexpired on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Osterley Park is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Osterley Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have had difficulty in trying to reach an agreement for a lease extension in Osterley Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Freehold Enfranchisement case for a Osterley Park premises is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case affected 2 flats. The unexpired lease term was 72.39 years.
I recently discovered that one of the directors of the firm handling the purchase conveyancing in Osterley Park is is the sister of the vendor. Is this allowed?
On the basis that no conflict arises this should be fine. If you are obtaining a home loan then the bank may have a say as many lenders have specific requirements on this. For example for Halifax as of 8/7/2019, the requirements read as follows :