I am in the process of selling my maisonette in Osterley and the estate agent has just e-mailed to warn that the buyers are switching property lawyer. The reason given is that the lender will only deal with solicitors on their approved list. Why would a big named lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Osterley ?
Lenders 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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 unlikely to have any impact on this.
My son is buying a new build apartment in Osterley with a home loan from Yorkshire BS. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My wife and I are purchasing a flat in Osterley. It might be a silly question but how we can trust a lawyer? On completion day we have to put funds into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My wife and I buying a 3 bedroom semi in Osterley. The intention is to carry out a loft conversion at the property.Will the conveyancing process involve enquiries to ascertain if these works are allowed?
Your property lawyer will check the registered title as conveyancing in Osterley will sometimes reveal restrictions in the title documents which prohibit certain changes or necessitated the consent of a 3rd party. Some additions need local authority planning consent and approval in accordance building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
I am currently in the process of buying my council flat in Osterley. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I am looking for a ground for flat up to £305k and found one near me in Osterley I like with amenity areas and railway links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Osterley suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Do I need to be wary about 3rd parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a High Street Osterley conveyancing company?
As is the case with many service providers, often referrals from connections can be most helpful. Yet there are numerous parties with a vested interest in a conveyancing matter; estate agents, financial adviser and lenders may recommend solicitors to choose. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the endorsement. You are at liberty to select your preferred lawyer. Don't forget that many mortgage providers have an approved list of solicitors you are obliged to use for the lender aspect of your house move.
I have just started marketing my 2 bed apartment in Osterley. Conveyancing has not commenced, but I have just received a half-yearly service charge demand – what should I do?
The sensible thing to do is discharge the service charge as normal as all rents and service charges will be allotted on 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 until 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.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in Osterley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Osterley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Osterley premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case was in relation to 1 flat. The unexpired term was 60.45 years.