Me and my wife are acquiring a leasehold flat in Charing Cross. My property lawyer is not listed on the mortgage company solicitor list. Am I still permitted to appoint my Charing Cross conveyancing solicitor notwithstanding that they are not on the bank panel?
Your options include
- Proceed with your preferred Charing Cross conveyancer but your lender will need to use a property lawyer from their conveyancing panel. The net result is additional charges and potential delay.
- Get a new lawyer to conduct the conveyancing, making sure they are on the bank conveyancing panel.
- Appeal to your property lawyer to seek to join the bank panel
Why do I have to pay up front for my conveyancing in Charing Cross?
If you are buying a property in Charing Cross your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is payable against the purchase price then this should be needed shortly prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer a couple of days ahead of the completion date.
How do I investigate if the solicitor handling my conveyancing in Charing Cross is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays Direct thus paying £187.00 plus VAT in supplemental conveyancing invoice.
You should take advantage of the search tool on this page. Pick the mortgage company and type ‘Charing Cross’ or your preferred area and you will see a number of lawyer offices in Charing Cross or near you.
When it comes to lenders such as Barclays, do Charing Cross property lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
How can we know in advance if a Charing Cross conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Charing Cross obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
Two weeks ago we had a mortgage agreed in principle with HSBC. Charing Cross conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC done the valuation? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Various internet forums that I have visited warn that are a common reason for obstruction in Charing Cross house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Charing Cross.
Can you provide any top tips for leasehold conveyancing in Charing Cross with the intention of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Charing Cross can be bypassed where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ lawyers. A minority of Charing Cross leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the purchasers or their lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled prior to the flat being marketed. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as over as opposed to ongoing.
Having spent months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Charing Cross. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Charing Cross residence is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.