I am in the process of selling my maisonette in Northwood and the estate agent has just called to warn that the purchasers are switching conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Northwood ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are unlikely to have any impact on this.
My wife and I purchasing a end of terrace house in Northwood. Our aim is to an extension at the rear at the property.Will legal investigations on the property include investigations to see if these alterations were previously refused?
Your solicitor will check the registered title as conveyancing in Northwood will occasionally identify restrictions in the title deeds which prohibit categories of works or need the consent of a 3rd party. Many extensions need local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
We have agreed to purchase a house in Northwood. One unusual aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is UBS your lawyer must comply with the formal requirements set out in Part 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook sets out minimum provisions for solar panel roof-space leases, and solicitors are required to report to UBS where a lease does not comply with these provisions. The conditions relate to the installation of panels on properties nationwide and is not limited to Northwood.
My offer was accepted on an apartment in Northwood on 5/3/2019, valuation was booked 3 days later, all came back fine. Solicitor instructed, so the only thing outstanding was my mortgage offer. Having made daily calls to Nottingham and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Nottingham conveyancing panel. Can the lender hold off the offer?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
I am intent on selling our house in Northwood and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A high street Northwood lawyer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing outfit rather than a conveyancing solicitor in Northwood. Having lived in Northwood for six years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification need.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
four months have gone by following my purchase conveyancing in Northwood took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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 property 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.
I am purchasing a new build house in Northwood with a loan from Birmingham Midshires. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not reveal to my lawyer about the extras as it would impact my loan with the bank. 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.
Due to sign contracts shortly on a studio apartment in Northwood. Conveyancing solicitors inform me that they report fully on Monday. What should I be looking out for?
Your report on title for your leasehold conveyancing in Northwood should include some of the following:
Defining your rights in relation to the communal areas in the building.By way of example, does the lease contain a right of way over an accessway or staircase? Who has the liability for repairing the window frames Will you be prohibited or prevented from having pets in the property? You would want to be sent a copy of the lease The unexpired lease term. You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Northwood conveyancing firm to help?
Most certainly. We are happy to put you in touch with a Northwood conveyancing firm who can help.
An example of a Lease Extension decision for a Northwood residence is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The remaining number of years on the lease was 71 years.