I am progressing with the sale of my flat in Ealing and the EA has just telephoned to warn that the buyers are appointing a new solicitor. 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 lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Ealing ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. Some 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. Your buyers are unlikely to have any sway in the decision.
If you had a top tip for selecting a conveyancing solicitor in Ealing what would it be?
It would be unwise to be seduced by the cheapest Ealing conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I am assisting my sister sell her house in Ealing. Does the conveyancer commission an EPC or it is for the owner to coordinate?
After the demise of Home Information Packs, EPC’s remained a compulsory component of moving house. An energy assessment must be commissioned in advance of the property being advertised. It is not a task that lawyers normally arrange. If you are using a Ealing conveyancing solicitor they may help arrange energy performance certificates given their contacts with long established local accredited person
After shopping around on the internet I have found a Ealing lawyer having made sure that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ealing surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various online forums that I have visited warn that are the primary reason for obstruction in Ealing conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Ealing.
I'm purchasing my first flat in Ealing with a loan from Norwich and Peterborough Building Society. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not disclose to my solicitor about this extras as it will jeopardize my mortgage with Norwich and Peterborough Building Society. 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.
My cousin has suggested that I use his lawyers for conveyancing in Ealing. Should I use them?
Much as we are happy to recommend a Ealing conveyancing lawyer the best way to choose a conveyancing solicitor is to seek recommendations from friends or family who have used the solicitor you're are thinking of instructing.
I am looking at a couple of flats in Ealing which have about forty five years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Ealing. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and it becomes more expensive to extend the lease. This is why it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this area.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Ealing. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing freeholder or if 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 Leasehold Valuation Tribunal to judgment on the price.
An example of a Lease Extension case 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 related to 1 flat. The number of years remaining on the existing lease(s) was 68.7 years.