We are purchasing a newly constructed apartment in Woodlands and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How can we know in advance if a Woodlands conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Woodlands getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer carrying out your transaction.
My partner and I have arranged the release of further monies on our home loan from Lloyds as we intend to conduct alterations to our home in Woodlands. Do we need to select a nearby Woodlands solicitor on the Lloyds conveyancing panel to deal with the legals?
Lloyds don't usually require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds panel.
At last I have had an offer on a flat in Woodlands agreed to, the owners do nevertheless have a dependent purchase. The owners have put an offer on somewhere, but it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Woodlands. What should be my next step? When do I get the mortgage application with Leeds Building Society going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Woodlands conveyancing search charges, etc). The first thing to do is check that your property lawyer is on the Leeds Building Society approved list. As to the next steps this very much dictated by the specifics of your transaction, attraction to this property and on the state of the market. In a buoyant market many home buyers would apply for the mortgage with Leeds Building Society and pay for the valuation and only if it comes back ok would they request their lawyer to move forward with searches.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, no chain conveyancing. Woodlands is where the house is located. What do you suggest?
Flying freeholds in Woodlands are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Woodlands you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Woodlands may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do I need to be wary by 3rd parties that I am dealing with are suggesting a web based conveyancing firm rather than a local Woodlands conveyancing firm?
As is the case with many professional services, often referrals from family and friends can be most helpful. Yet there are numerous players in a conveyancing matter; estate agents, financial adviser and mortgage companies may recommend conveyancers to appoint. Sometimes these conveyancers might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You have the discretion to appoint your preferred conveyancer. You need to be aware that the majority of banks specify a panel list of lawyers you are obliged to use for the lender related work in your house move.
Last September I purchased a leasehold property in Woodlands. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
My wife and I have hit a brick wall in trying to purchase the freehold in Woodlands. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension decision for a Woodlands 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 unexpired residue of the current lease was 60.45 years.