I am selling my ground floor flat in Pimlico and the estate agent has just e-mailed to warn that the purchasers are switching property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Pimlico ?
UK lenders have always had panels 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 acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Pimlico?
Unless a prior acquisition of the premises took place after 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in Pimlico to remain encouraging a chancel search and or insurance against a claim.
I have recentlybeen informed that Stirling Law have been shut down. They carried out my conveyancing in Pimlico for a purchase of a leasehold flat 10 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pimlico conveyancing specialists.
How does conveyancing in Pimlico differ for new build properties?
Most buyers of new build premises in Pimlico come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Pimlico typically purchase 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 property lawyers 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 accustomed to new build conveyancing in Pimlico or who has acted in the same development.
Can you offer any advice when it comes to appointing a Pimlico conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Pimlico conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Pimlico conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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What are the charges for lease extension conveyancing? How many lease extensions have they completed in Pimlico in the last year?
Having spent years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Pimlico. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Pimlico conveyancing firm who can help.
An example of a Lease Extension case for a Pimlico residence is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired term was 56 years.
How and when do I pay the Stamp Duty Land Tax chargeable for my conveyancing in Pimlico?
Your property lawyer will fill out a stamp duty return on your behalf during your Pimlico conveyancing transaction for you to sign. On completion your conveyancing practitioner will submit your Land Transaction Return Form to the Tax Authorities and - assuming they have the money - discharge any tax bill liability for you.