I am progressing with the sale of my house in Alperton and the EA has just text me to say that the buyers are changing their property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Alperton ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
I have a decision in principle. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a local conveyancing solicitor in Alperton?
Do check but the chances are that give you one of their panel lawyers where you accept the "fee-free" incentive. Call the mortgage company to ask if they offer you a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Alperton.
My wife and I own a terraced Victorian property in Alperton. Conveyancing practitioner represented me and Barclays Direct. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Alperton and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing practitioner who completed the work.
I opted to have a survey carried out on a house in Alperton prior to appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some lenders will not issue a mortgage on such a house.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Alperton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Alperton to see if the conveyancing costs will increase in light of this.
I am looking at a couple of flats in Alperton both have approximately 50 years unexpired on the leases. should I be concerned?
A lease is a right to use the premises for a period of time. As a lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is advisable to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
I inherited a garden flat in Alperton. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Most certainly. We can put you in touch with a Alperton conveyancing firm who can help.
An example of a Lease Extension case for a Alperton premises is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case affected 1 flat. The remaining number of years on the lease was 28.42 years.
Can a conveyancer remove a person from the title of my home in Alperton ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancing practitioner