My husband and I are planning to purchase a house in Maida Hill and are in fact using a Maida Hill conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this afternoon contacted us to advise us that there is now an issue as our Maida Hill conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Maida Hill solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have given 2 months notice to my current landlord and must leave my let out apartment in Maida Hill by the end of next month. Conveyancing on my purchase is progressing. Can I complete in three weeks as I wish to avoid having to move into temporary accommodation?
The normal practice is not to provide notice on a rental unless your lawyer suggests that you should. Assuming that you have not previously done so, update to your lawyer and urge them to they seek the assistance the sellers side, try to get a realistic time scale from them that all parties will aim towards
I'm buying a new build house in Maida Hill with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of extras instead. The sale representative told me not inform my solicitor about the deal as it could put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 been pointed in your direction by numerous estate agents in Maida Hill to get a quote from a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to promote your lawyers over alternative conveyancing organisations?
We don’t make any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am in need of some leasehold conveyancing in Maida Hill. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and most are in Maida Hill - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Maida Hill. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Maida Hill conveyancing firm who can help.
An example of a Lease Extension decision for a Maida Hill property is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case affected 1 flat. The unexpired term as at the valuation date was 60 years.
My property lawyer in Maida Hill has informed me that he requires ID documents stating that this is part of his legal duty as a conveyancer on the lender Solicitor panel. Am I being spun a yarn?
Due to Money Laundering Regulations your conveyancing lawyer is duty bound to confirm positively your identification when entering into a business relationship with you. It is a criminal offence if your lawyer not do this. If you do not provide ID early in the transaction the solicitor must refuse to act for you. It’s unlikely a lawyer will turn you away if you come to the first meeting without relevant ID but you will have to produce it at some point so you might as well bring it with you to the initial meeting so the lawyer can tick the ID verification box and start sorting out the conveyancing straight away. If you are getting a mortgage, your lawyer also has to check ID documents to satisfy the bank. This is not specific to conveyancing in Maida Hill