I am in the process of selling my ground floor flat in Clayhall and the estate agent has just called to warn that the buyers are appointing a new law firm. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Clayhall ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 buyers are unlikely to have any sway in the decision.
Can the conveyancing lawyers that you recommend execute conveyancing in Clayhall by way of an attended exchange?
We do have a number of conveyancing experts carrying out 24hr exchanges. Please call us to get a costs illustration and details as to availability.
I am due to move home in April. Should my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you suggest a removal company in Clayhall. Conveyancing firm was organised before I stumbled across this website.
On the day of completion you can collect the house keys from your property agent but this can only take place once the sellers lawyers confirm to the agent that the monies to complete are in and the keys can be passed over. Subsequently you should advise the removal company that they can start moving you in. We are not in a position to recommend a specific removal organisation but can help you choose a residential property solicitor in Clayhall or a solicitor with expertise in conveyancing in Clayhall.
I have today made my last payment due on my mortgage with TSB. I assume I don't need a Clayhall lawyer on the TSB panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
The mortgage over my property is with Nottingham for my property in Clayhall. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nottingham?
You must advise Nottingham in advance of letting out your property as this is likely to be a breach of Nottingham’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nottingham directly. You need not do this via a Nottingham conveyancing panel lawyer.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Clayhall is where the house is located. Can you offer any guidance?
Flying freeholds in Clayhall are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clayhall you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clayhall may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In sourcing the world wide web for the words conveyancing in Clayhall it reveals many solicitorsin the area. With so much choice what is the best way to find the right property lawyer for the sale of my house?
The preferential method of seeking the right conveyancer is via personal recommendation, so ask friends and relatives who have bought a property in Clayhall or a local estate agent or mortgage broker. Charges for conveyancing in Clayhall differ, so it's advisable to secure a minimum of four fee estimates from different conveyancers. Be sure to seek confirmation that the charges are assured not to to be inflated.
I am looking at a two flats in Clayhall both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Clayhall is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Clayhall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I have given up trying to reach an agreement for a lease extension in Clayhall. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the sum to be paid.
An example of a Freehold Enfranchisement case for a Clayhall residence is 59 & 59a Clarendon Gardens in February 2014. The Tribunals valuation for the freehold was £30,073.00 The unexpired term as at the valuation date was 65 and 61.