We are buying a newbuild apartment in Piccadilly with a residential mortgage from Britannia.We have a Piccadilly conveyancing solicitor but Britannia says she’s not listed on their approved list of member firms. we are left little option but to use a Britannia panel lawyer or keep our preferred solicitor and fork out for a Britannia panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Britannia use our lawyer?
No, not really. The home loan offered to you contains various provisions, a common one being that conveyancers needs to be on the Britannia approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Britannia
How does conveyancing in Piccadilly differ for new build properties?
Most buyers of new build property in Piccadilly contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Piccadilly tend to buy the real estate, 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 property lawyers 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 Piccadilly or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Piccadilly before retaining lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders tend not give a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Piccadilly. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Piccadilly to see if the conveyancing costs will increase in light of this.
Am I best advised to appoint a Piccadilly conveyancing lawyer based in the location that I am hoping to buy? An old friend can deal with the conveyancing but his firm is located over three hundred kilometers drive away.
The benefit of a local Piccadilly conveyancing practice is that you can drop in to execute paperwork, deliver your ID and pester them if necessary. Having local Piccadilly know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that should outweigh using an unfamiliar Piccadilly conveyancing solicitor solely due to them being Piccadilly based.
I am on look out for some leasehold conveyancing in Piccadilly. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and almost all are in Piccadilly - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have given up trying to purchase the freehold in Piccadilly. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Piccadilly conveyancing firm who can help.
An example of a Lease Extension case for a Piccadilly flat is Flat 1 3 Upper Belgrave Street in December 2010. The Tribunal determined that the price payablefor the Lease extension in respect of the subject premises was £2,202,007 This case related to 1 flat. The remaining number of years on the lease was 21 years.