I am nearing exchange of contracts for my house in Brook Green and the estate agent has just text me to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in Brook Green ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 unlikely to have any impact on this.
My lawyer has uncovered a a legal deficiency with the lease for the apartment we are purchasing in Brook Green. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Given that I am about to spend £400,000 on a two bedroom apartment in Brook Green I would like to have a conversation with the lawyer regarding thehouse move ahead of appointing the firm. Is this something that you can arrange?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your property ownership legalities in Brook Green.There is no ‘factory style conveyancing’ - every client is an important person, not a case number. The practices that we put you in touch with believe that the fees you are provided with for your conveyancing in Brook Green should be the figure that you end up paying.
My father has urged me to instruct his conveyancers in Brook Green. Do I follow his recommendation?
No doubt the best way to find a conveyancing lawyer is to get recommendations from friends or relatives who have experience in using the solicitor that you are contemplating using.
Do you have any advice for leasehold conveyancing in Brook Green with the purpose of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Brook Green can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold documentation needed by the buyers’ representatives. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Brook Green state that internal structural changes or addition of wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. Should you fail to have the approvals to hand do not contact the landlord without contacting your lawyer in the first instance. Some Brook Green leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over rather than unresolved. The majority of freeholders or managing agents in Brook Green charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Brook Green.
I am the registered owner of a two-bedroom flat in Brook Green. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
if there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to assess the amount due.
An example of a Freehold Enfranchisement decision for a Brook Green residence is 83 Sinclair Road in September 2010. The decision of the Tribunal was that the price to be paid by the Applicant to the Respondent for the freehold interest in the Property was the sum of £93,650 This case was in relation to 4 flats. The remaining number of years on the lease was 70.58 years.
I am seeking to purchase a repossessed property in Brook Green and the vendor require completion inside a week. Can a conveyancer complete in this timeframe? Would it be better to use a high street Brook Green firm or an online firm that advertises to complete quickly?
Visit your Brook Green high street. Go in to a couple of solicitor’s offices and ask to see a conveyancing solicitor for a quote. Set out your needs and seek a commitment on speed. Choose the firm that appears most genuine. Make sure to choose a lawyer on the panel of conveyancing practitioners approved by your bank.