My wife and I are planning to acquire a property in Bloomsbury and are in fact using a Bloomsbury conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Chelsea Building Society have this evening contacted us to inform me that there is now an issue as our Bloomsbury conveyancer is not on their approved list of lawyers. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your property lawyer 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Bloomsbury lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Are all Bloomsbury Conveyancing Quality Solicitors on the Santander conveyancing panel?
It is true that some banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
My wife and I are in the throws of looking at apartments in Bloomsbury and I am now considering a potential offer. Should I already have a lawyer appointed at this stage? I intend to finance via a mortgage with Aldermore.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the EA. Given that you are seeking a mortgage with Aldermore, ask your prospective lawyers if they are on the Aldermore conveyancing panel otherwise they can't do the mortgage legal work.
Kent Reliance have agreed my home loan in principle, my offer on a flat in Bloomsbury has been agreed to, now what?
Your estate agent will wish to be advised as to your lawyer's details (make sure the conveyancers are on the bank’s approved list). Telephone Kent Reliance or the financial adviser and finish off any outstanding paperwork. Kent Reliance will appoint a valuer who will get in contact with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes about ten days to receive the mortgage offer. Kent Reliance 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 Bloomsbury.
Just had an offer accepted on a new build apartment in Bloomsbury. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bloomsbury
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Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants.
I'm converting the mortgage on my existing house to a buy to let loan with Barnsley Building Society and I will use the rest of the raised equity as a down payment on a second property. The neighborhood we are looking at is Bloomsbury. Will your lawyers be able to act for both sets of banks and tie in the conveyances?
Do use our comparison tool on this site to be sure that the solicitors are on the appropriate lender panels. Assuming that they are your conveyancer should be able to tie up the two conveyancing matters but you should talk with you conveyancer and make apparent your desired outcome and needs.
I need to retain a conveyancing solicitor for residential conveyancing in Bloomsbury. I happened to chance upon a site which appears to be the ideal solution If there is a chance to get all the legals done via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am attracted to a couple of flats in Bloomsbury both have about forty five years left on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Bloomsbury is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bloomsbury conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have had difficulty in trying to reach an agreement for a lease extension in Bloomsbury. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We are happy to put you in touch with a Bloomsbury conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Bloomsbury property 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 was in relation to 1 flat. The unexpired term as at the valuation date was 66.8 years.