I am in the process of selling my ground floor flat in Ealing and the estate agent has just text me to advise that the buyers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Ealing ?
Lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 sway in the decision.
Do the conveyancing lawyers that you recommend carry out right to buy conveyancing in Ealing?
We do have plenty of conveyancing solicitors carrying out right to buy transactions Do call us with a view to secure a conveyancing quote.
I purchased a freehold residence in Ealing but still pay rent, why is this and what is this?
It is rare for properties in Ealing and has limited impact for conveyancing in Ealing but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
My Conveyancer in Ealing is not listed on the The Mortgage Works Conveyancing Panel. Can I still continue with my family solicitor notwithstanding that they are not on the The Mortgage Works panel?
The limited options open to you here include:
- Complete the purchase with your preferred Ealing solicitors but The Mortgage Works will need to use a lawyer on their panel. This will result in additional total legal charges as well as cause delays.
- Choose an alternative lawyer to to deal with the purchase, remembering to check they are The Mortgage Works approved.
- Try to convince your The Mortgage Works based solicitor to try to join the The Mortgage Works panel
I am purchasing my first flat in Ealing with the aid of help to buy. The builders would not budge the amount so I negotiated 6k of extras instead. The sale representative suggested that I not reveal to my conveyancer about the deal as it could jeopardize my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have just appointed agents to market my garden flat in Ealing. Conveyancing lawyers have not yet been instructed, however I have recently received a yearly service charge demand – Do I pay up?
It best that you clear the maintenance contribution as you normally would as all ground rent and maintenance invoices should be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a ground flat in Ealing. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a missing landlord or if there is disagreement 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 arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Ealing property is Flat 4 38 The Mall in April 2014. the Tribunal held that the premium payable for the lease extension to be £25,451 This case affected 1 flat. The number of years remaining on the existing lease(s) was 68.7 years.