I am progressing with the sale of my apartment in Edgware and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Edgware ?
Banks have always had an approved set of law firms that can represent them, but in recent 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 decades.
Lenders point to the increase in fraud by way of justification 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 claims that it is being contacted daily by practices 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. Your purchasers are unlikely to have any sway in the decision.
When it comes to lenders such as RBS, do Edgware solicitors incur a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Edgware conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society completed the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
My offer on a property in Edgware has been accepted, the owners do however have a dependent purchase. The vendors have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Edgware. What do I do now? At what stage do I apply for the mortgage with Nottingham?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then valuation, Edgware conveyancing search costs, etc). The first thing to do is check that your property lawyer is on the Nottingham conveyancing panel. Concerning the next stages this very much depends on the uniqueness of your case, desire for the property and on the state of the market. In a rising market some purchasers would apply for a home loan with Nottingham and pay for the valuation and only if it comes back ok would they pay their solicitor to proceed with searches.
I have been told that property searches are the primary reason for obstruction in Edgware house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Edgware.
How does conveyancing in Edgware differ for newly converted properties?
Most buyers of new build residence in Edgware contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Edgware typically purchase the real estate, 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 accustomed to new build conveyancing in Edgware or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Edgware is the location of the property. Is there any advice you can impart?
Flying freeholds in Edgware are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Edgware you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edgware 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 property.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Edgware. I am keen to extend my lease but my freeholder is missing. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the lessor. For most situations a specialist should be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the application to the County Court overseeing Edgware.
Following months of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Edgware. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Edgware conveyancing firm who can help.
An example of a Lease Extension decision for a Edgware residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 71.73 years.