My husband and I are planning to acquire a home in Aldersbrook and have instructed a Aldersbrook conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this morning contacted us to advise us that there is now an issue as our Aldersbrook conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Aldersbrook lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Aldersbrook?
Two types of professional can perform conveyancing in Aldersbrook namely CLC regulated conveyancers or solicitors. The two can provide the legal services that required to complete the sale or purchase of property. Both are required to perform Aldersbrook conveyancing to the same quality and guidelines so you may be sure that your conveyancing will be properly conducted and that the requirements and procedures will be correctly followed.
My husband and I are at the point of viewing flats in Aldersbrook and I am now considering a potential offer. Is it premature to have a solicitor in place? I am planning to take a home loan with UBS.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are taking out a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
Leeds Building Society have agreed my home loan in principle, my offer on a house in Aldersbrook has been agreed to, what happens next?
The property agent will need to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Contact Leeds Building Society or your broker and complete any appropriate forms. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Leeds Building Society will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Aldersbrook.
Are there restrictive covenants that are commonly identified as part of conveyancing in Aldersbrook?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Aldersbrook. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying my first flat in Aldersbrook with a mortgage from Godiva Mortgages Ltd. The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not reveal to my solicitor about this side-deal as it would put at risk my loan with Godiva Mortgages Ltd. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I'm refinancing my primary property to a BTL loan with Norwich and Peterborough Building Society and I will use the rest of the raised equity as a deposit on a second property. The location we are looking at is Aldersbrook. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our search tool on this page to be sure that the solicitors are on the appropriate lender panels. On the basis that they are your solicitor should be able to connect the two conveyancing matters but you should have a chat with you conveyancer and specify your desired outcome and needs.
I work for a reputable estate agent office in Aldersbrook where we have experienced a number of flat sales put at risk as a result of short leases. I have been given conflicting advice from local Aldersbrook conveyancing firms. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having 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 have had difficulty in seeking a lease extension in Aldersbrook. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Aldersbrook conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Aldersbrook flat is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case related to 5 flats. The number of years remaining on the existing lease(s) was 73.8 years.