I am progressing with the sale of my maisonette in Ealing and the EA has just e-mailed to advise that the buyers are appointing a new property lawyer. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Ealing ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered 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 cull – criteria have been stiffened 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 says 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. The purchasers are not going to have any sway in the decision.
My lawyer has uncovered a a problem with the lease for the flat we are purchasing in Ealing. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender conditions have to be complied with.
My aunt passed away six months ago and as sole heir and executor I was left the property in Ealing. The house had a relatively small loan remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this allowed?
Given you plan to refinance then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
How does conveyancing in Ealing differ for newly converted properties?
Most buyers of new build property in Ealing approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Ealing tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Ealing or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one close by in Ealing I like with open areas and transport links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Ealing suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What are your top tips when it comes to appointing a Ealing conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Ealing conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Ealing conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
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Can they put you in touch with clients in Ealing who can give a testimonial?
Despite our best efforts, we have been unsuccessful in negotiating a lease extension in Ealing. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Ealing conveyancing firm who can help.
An example of a Lease Extension case for a Ealing flat 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 was in relation to 1 flat. The unexpired lease term was 68.7 years.