My wife and I are looking to buy a property in Northolt and have appointed a Northolt conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barnsley Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Northolt conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. 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 solicitor 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Northolt solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Do lenders provide you with an approved list of Northolt conveyancing solicitors? How do you know who is on the Clydesdale conveyancing panel?
Northolt conveyancing firms themselves provide us confirmation that they are on the Clydesdale conveyancing panel as opposed to being supplied with a list from Clydesdale directly.
We wanted to use a property lawyer in Northolt for our house move. Our broker informed us that our mortgage lenders Accord Mortgages Ltd won't deal with them. Surely this is unfair competition?
Pre- 2008 most lenders had a different appetite for risk. Almost all Northolt conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of transactions. Many Northolt conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Northolt is amongst the thousands of locations where the solicitors showing on our search results are members of the panel for Accord Mortgages Ltd.
How does conveyancing in Northolt differ for new build properties?
Most buyers of new build property in Northolt approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because developers in Northolt tend to 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 conveyancers 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 Northolt or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one near me in Northolt I like with amenity areas and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Northolt in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Northolt conveyancing firm to help?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to decide the premium.
An example of a Lease Extension matter before the tribunal for a Northolt property is GFF 1 Holyrood Avenue in May 2014. The Tenant wished to acquire a new (extended) lease and applied to the Willesden County Court who granted a vesting order on 20* March2013. The Tribunal decied that the premium to be paid was £9,062 This case affected 1 flat. The unexpired lease term was 79 years.
What makes a Northolt lease defective?
Leasehold conveyancing in Northolt is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:
A provision to repair to or maintain elements of the building
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Leeds Building Society, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.