I am in the process of selling my house in Marylebone and the EA has just e-mailed to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Marylebone ?
Mortgage companies have always had panels of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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. Some 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 buyers are not going to have any impact on this.
Having sold my house in Marylebone last April yet the purchaser is texting me to moan that their lawyer needs to hear from mine. What are the post completion sale legalities now that I have sold?
After completion of your sale your lawyer should forward the transfer deeds and all additional paperwork to the purchaser's conveyancer. Depending on the transaction, your solicitor must also confirm that the home loan has been discharged to the purchasers lawyers. There is unlikely to be post completion requirements specific conveyancing in Marylebone.
Will commercial conveyancing searches disclose impending roadworks that may affect a commercial estate in Marylebone?
Many commercial conveyancing solicitors in Marylebone will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Marylebone. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Marylebone.
For every commercial conveyancing transaction in Marylebone it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Marylebone commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Marylebone.
I used Arc property Solicitors several years past for my conveyancing in Marylebone. I now require my papers but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Marylebone of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am purchasing a new build house in Marylebone with a mortgage from Accord Mortgages Ltd. The developers would not reduce the price so I negotiated £7000 of additionals instead. The estate agent advised me not to tell my solicitor about the extras as it could jeopardize my mortgage with Accord Mortgages Ltd. Do I keep my lawyer in the dark?.
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.
Last February I purchased a leasehold property in Marylebone. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a two-bedroom flat in Marylebone. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Marylebone flat is Flats 37 & 39 88/90 Portland Place in December 2010. The Tribunal determined that the premium payable for the lease extensions in respect of these two flats is as follows:- For Flat 37, the sum of £385,230.00 For Flat 39, the sum of £436,780.00 This case was in relation to 2 flats. The unexpired term was 24.02 years.