I am nearing exchange of contracts for my home in Gunnersbury and the EA has just e-mailed to say that the purchasers are swapping law firm. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. On what basis would a big named lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Gunnersbury ?
UK lenders have always had panels of law firms that can act for 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 acted for them for over 25 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say 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. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
As someone not used to the Gunnersbury conveyancing process what is your top tip you can give me for the home moving process in Gunnersbury
You may not hear this from too many lawyers but conveyancing in Gunnersbury and elsewhere in England and Wales is often a confrontational process. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and others involved in the transaction. For example, the seller, selling agent and sometimes the bank. Appointing a solicitor for your conveyancing in Gunnersbury should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose interest is to look after your best interests and to protect you.
On occasion a third party with a vested interest may try and convince you that you should follow their advice. For instance, the estate agent may claim to be helping by suggesting your solicitor is wrong. Or your financial adviser may try to convince you to do take action that is against your solicitors advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
three months have gone by following my purchase conveyancing in Gunnersbury completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Gunnersbury differ for new build properties?
Most buyers of new build property in Gunnersbury approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Gunnersbury typically buy 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 property lawyers 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 Gunnersbury or who has acted in the same development.
I am employed by a busy estate agent office in Gunnersbury where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Gunnersbury conveyancing firms. Please can you clarify whether the owner of a flat can start the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is 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.
I am the proprietor of a basement flat in Gunnersbury. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Gunnersbury premises is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The unexpired lease term was 64.64 years.
I have been advised by many estate agents that it may take 6-8 weeks for Gunnersbury conveyancing to complete.This was a month ago. The paperwork was only received to my conveyancing practitioner last week so does the time start running now?
There is no conventional timeframe for conveyancing in Gunnersbury, or any location. You simply have to make sure your finances are in place and wait for the rest to come to you eventually.