I am selling my ground floor flat in New Southgate and the EA has just telephoned to warn that the purchasers are swapping conveyancer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in New Southgate ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. 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.
What happens if my lawyer’s firm is suspended from the Nottingham Solicitor panel ahead of completing my conveyancing in New Southgate?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. New Southgate is the location of the property. Can you shed any light on this issue?
Flying freeholds in New Southgate are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in New Southgate you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Southgate may determine 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 residence.
I am 3 weeks into a freehold purchase having been recommend to conveyancers by the local agent to execute conveyancing in New Southgate. I am am extremely frustrated with the quality of service. Could you help me find new conveyancers?
They would need to be really poor to suggest changing them. Has your mortgage offer been issued? In the event that it has you will need to inform them of the new contact details and get the loan are re-issued. Your new solicitor ideally needs to be on the banks panel to avoid escalating expenses and frustration. So that should be your starting point. The find a solicitor tool will assist you in finding a lender approved conveyancer for your conveyancing in New Southgate
Having spent years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in New Southgate. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a New Southgate conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a New Southgate property is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The number of years remaining on the existing lease(s) was 70.31 years.
When it comes to leasehold conveyancing in New Southgate what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in New Southgate. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
Estate agents have just been given the go-ahead to market my 2 bed apartment in New Southgate.Conveyancing lawyers have not yet been instructed however I have recently had a quarterly service charge demand – should I leave it to the buyer to sort out?
It best that you clear the maintenance contribution as normal as all ground rent and service payments will be allottedon completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially