I am one month into the sale of my apartment in Chiswick and the EA has just called to advise that the buyers are swapping solicitor. The excuse is that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Chiswick ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the reduction – 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 claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
My husband and I changing mortgage lender for our apartment in Chiswick with Principality. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Principality conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right 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 Principality. This is solely used to protect Principality 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 Principality 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.
We are buying a property and require a conveyancing solicitor in Chiswick who is on the Lloyds solicitor panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Lloyds . We don't recommend any particular firms conducting conveyancing in Chiswick.
Do I need to attend the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Chiswick so that I can attend their offices if necessary.
As opposed to ten years ago, almost all lenders no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide ID documents and there are still manifest advantages to choosing a locally based ayer, in your situation a conveyancing solicitor in Chiswick.
I am employed by a busy estate agent office in Chiswick where we have witnessed a few flat sales derailed as a result of short leases. I have been given inconsistent advice from local Chiswick conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Chiswick conveyancing firm to represent me?
Where there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Lease Extension case for a Chiswick property is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case affected 1 flat. The unexpired lease term was 68.34 years.
Are all Chiswick solicitors on every bank conveyancing panel?
You can use our search tool or you can drop into your local bank branch in Chiswick. Chances are that they can recommend conveyancing solicitors in Chiswick