My husband and I are planning to acquire a flat in Archway and have appointed a Archway conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Godiva Mortgages Ltd have this morning contacted us to inform me that there is now an issue as our Archway conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Archway solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am considering applying for a Nottingham mortgage for purchase of a new build (under development) in Archway with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
When it comes to lenders such as RBS, do Archway lawyers face a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Can I be sure that the Archway conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Archway seeking 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 advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your conveyancing.
I am currently in the process of buying my council flat in Archway. I have a mortgage agreed with Skipton. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Archway I like with open areas and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Archway for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
Am I best advised to go with a Archway conveyancing lawyer based in the vicinity that I am buying? We have a good friend who can conduct the legal formalities however her office is 400kilometers away.
The benefit of a high street Archway conveyancing practice is that you can visit the firm to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were content that must outweigh using an unknown Archway conveyancing lawyer solely due to them being round the corner.
I am on look out for some leasehold conveyancing in Archway. Before I get started I would like to find out the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Archway - then the leasehold title will always include the short particulars 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.
We have reached the end of our tether in trying to purchase the freehold in Archway. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Archway conveyancing firm who can help.
An example of a Lease Extension decision for a Archway residence is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case affected 1 flat. The unexpired residue of the current lease was 67.85 years.