I am progressing with the sale of my house in Camden and the EA has just called to warn that the purchasers are changing their conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Camden ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are not going to have any impact on this.
My fiance and I are refinancing our maisonette in Camden with Barclays. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Barclays conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Barclays. This is solely used to protect Barclays if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Barclays had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I purchased my house on 4 October and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Camden said it should be formalised in less than a month. Are titles in Camden uniquely lengthy to register?
As far as conveyancing in Camden is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can adjust according to who lodges the application, whether there are errors and if the Land registry communicate with any other persons or bodies. Currently in the region of three quarters of submission are fully dealt with in less than three weeks but some can be subject to protracted delays. Historically registration takes place after the new owner has moved in to the premises so registration formalities is not usually primary concern yet if it is urgent that the the registration takes place urgently then you or your conveyancer can speak with the land registry and explain the circumstances.
How does conveyancing in Camden differ for newly converted properties?
Most buyers of new build property in Camden contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Camden usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Camden or who has acted in the same development.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Camden. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Camden ?
Most houses in Camden are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Camden so you should seriously consider shopping around for a Camden conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your solicitor will advise you fully on all the issues.
My wife and I have hit a brick wall in trying to purchase the freehold in Camden. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Camden conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Camden premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term was 64.77 years.
My wife and I have an offer in principle from Chelsea Building Society who have advised that they will loan up to £218k. When do we need to instruct a practitioner for conveyancing? Camden is where we plan to move to.
It would be wise to instruct a conveyancer now requesting that they open a file on your behalf. This will enable: 1) the estate agent to issue a Sales Memo to the relevant parties 2) the seller’s solicitor to submit the draft agreement. That being said, do not instruct your property lawyer to start searches until you receive your valuation report from Chelsea Building Society and you are happy to proceed.