I am progressing with the sale of my apartment in Borehamwood and the EA has just telephoned to warn that the purchasers are appointing a new solicitor. The reason given is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Borehamwood ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Finally the sale completed on my house in Borehamwood last April yet the purchaser is Skype messaging every few hours to moan that his conveyancer is waiting to hear from mysolicitor. What are the post completion sale formalities now that I have sold?
Post completion of your disposal your lawyer is obliged to send the transfer documentation and all of the paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor must also confirm that the legal charge in favour of the lender has been discharged to the purchasers conveyancers. There are no post completion formalities peculiar conveyancing in Borehamwood.
My house in Borehamwood is up for sale and I have a purchaser. Does the lawyer have to be on the Principality conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I used Wolstenholmes a few years past for my conveyancing in Borehamwood. Now, I need my documents but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Borehamwood of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
What are your top tips when it comes to choosing a Borehamwood conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Borehamwood conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Borehamwood conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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How many lease extensions have they conducted in Borehamwood in the last 12 months?
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Borehamwood conveyancing firm to represent me?
Most definitely. We can put you in touch with a Borehamwood conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Borehamwood flat is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The unexpired residue of the current lease was 71.73 years.
We have instructed a Borehamwood conveyancing solicitor for our house purchase (novice purchasers) and have noticed in the terms and conditions that they are not covered by the FCA. Need I be concerned or is that standard with conveyancer?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are governed by the SRA, who have specific obligations covering monies held by them.