I am in the process of selling my maisonette in Colindale and the EA has just e-mailed to warn that the purchasers are switching property lawyer. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Colindale ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – 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 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 purchasers are not going to have any impact on this.
We were just about to sign contracts for a ground floor flat in Colindale. We encountered a snag. The mortgage offer with Norwich and Peterborough Building Society runs out on 24/8/2020 but the vendors are insisting on a completion date of 26/8/2020. Can one prolong the mortgage offer?
The best person to deal with your issue is your lawyer who will assess whether he or she is corresponding with the lender, vendor’s solicitors, property agents or possibly all parties given what has happend in your conveyancing to date.
I have decided to exercise my right to buy my property in Colindale off the council. I have a mortgage agreed with HSBC. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
Planning on purchasing a house in Colindale. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Colindale conveyancing practitioner is on the Virgin Money conveyancing panel.
At last I have had an offer on a maisonette in Colindale accepted, but there is a chain. The owners have put an offer on a property, but it’s not yet tied up, and have viewings of other apartments booked. I have chosen a nearby conveyancing solicitor in Colindale. What should be my next step? At what stage should I apply for the mortgage with TSB?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Colindale conveyancing search fees, etc). First, you should check that your conveyancing practitioner is on the TSB conveyancing panel. Concerning the subsequent steps this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. During a buoyant market the majority of buyers will apply for the mortgage with TSB and arrange for the valuation and only if it was satisfactory would they request their property lawyer to move forward with the conveyancing in Colindale.
Despite weeks of looking the Title Certificate and documents to our house are lost. The solicitors who dealt with the conveyancing in Colindale 10 years ago have long since closed. What do I do?
Gone are the days when you need to hold title deeds to evidence that you are the owner of your registered land or premises, as the Land Registry hold details of all registered land or property electronically.
My partner has suggested that I instruct his conveyancers in Colindale. Do I take his advice?
Much as we are happy to recommend a Colindale conveyancing lawyer the best way to choose a conveyancing lawyer is to have recommendations from friends or family who have actually previously instructed the solicitor you're contemplating using.
I work for a reputable estate agency in Colindale where we have experienced a number of flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Colindale conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
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.
After years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Colindale. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Colindale conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Colindale property is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The unexpired residue of the current lease was 70.25 years.