Am I correct in assuming that the fact that my solicitor in Blackfriars is not identified on my bank's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Blackfriars conveyancing practice and enquire why they are no longer on the approved list for your bank.
When it comes to mortgage companies such as TSB, do Blackfriars solicitors have to pay a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have a mortgage with Leeds Building Society for my property in Blackfriars. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Leeds Building Society?
Your original mortgage agreement with Leeds Building Society will provide that you need their approval prior to letting out your property as this is likely to be a breach of Leeds Building Society’s mortgage conditions. It may be that Leeds Building Society will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Leeds Building Society directly. It should not be necessary to do this via a Leeds Building Society conveyancing panel solicitor.
Co-operative have agreed my home loan in principle, my offer on a property in Blackfriars has been accepted, what are the next steps?
The property agent will wish to be informed of your lawyer's details (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Co-operative or the broker and finalise any outstanding paperwork. Co-operative will appoint a valuer who will get in touch with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. Co-operative will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Blackfriars.
I require expedited conveyancing in Blackfriars as I am faced with pressure to complete in less than 2 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are not taking a home loan you have the choice not to have searches carried out although no lawyer would recommend that you don't. Drawing on years of experience of conveyancing in Blackfriars the following are examples of issues that can be revealed and adversely impact future saleability: Enforcement Actions, Overdue Fees, Overdue Grants, Railway Schemes,...
I'm buying my first flat in Blackfriars benefiting from help to buy. The builders would not move on the price so I negotiated 6k of additionals instead. The property agent suggested that I not inform my solicitor about the side-deal as it will jeopardize my mortgage with the lender. Should I keep quiet?.
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 am employed by a long established estate agent office in Blackfriars where we have experienced a number of flat sales jeopardised due to short leases. I have been given contradictory information from local Blackfriars conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process 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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I am the leaseholder of a two-bedroom flat in Blackfriars. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
You certainly can. We are happy to put you in touch with a Blackfriars conveyancing firm who can help.
An example of a Lease Extension case for a Blackfriars flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The unexpired term as at the valuation date was 66.8 years.
I have appointed a Blackfriars conveyancing solicitor for our home move (first time buyers) and have spotted in the engagement letter that they are not governed by the FCA. Should I be worried or is that usually the case with lawyer?
We can't see why they should be. Most conveyancer don't lend money. They will be regulated by the SRA, who dictate strict conditions in relation to monies sitting on client account.