I am one month into the sale of my ground floor flat in Primrose Hill and the EA has just telephoned to warn that the buyers are appointing a new conveyancer. The excuse is that the bank will only work with solicitors on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Primrose Hill ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks point to the increase in fraud by way of justification for the cull – criteria have been narrowed 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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.
We're in Primrose Hill, First timers purchasing with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been advised by my solicitor that flying freehold insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Primrose Hill?
The appropriate level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing practitioners as opposed to members of the public take out such policies.
We are getting the release of further monies on our home loan from Nationwide as we want to conduct improvements to our house in Primrose Hill. Do we need to choose a nearby Primrose Hill solicitor on the Nationwide conveyancing panel to handle the legals?
Nationwide do not ordinarily instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nationwide conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Primrose Hill is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Do commercial conveyancing searches reveal proposed roadworks that may affect a commercial estate in Primrose Hill?
Many commercial conveyancing solicitors in Primrose Hill will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Primrose Hill. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Primrose Hill.
For every commercial conveyancing transaction in Primrose Hill it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Primrose Hill commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Primrose Hill.
I used Wolstenholmes several years ago for my conveyancing in Primrose Hill. I now require my papers but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Primrose Hill of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Having checked my lease I have discovered that there are only Fifty years unexpired on my flat in Primrose Hill. I am keen to extend my lease but my landlord is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations a specialist may be helpful to conduct investigations and prepare an expert document which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Primrose Hill.
I own a ground floor flat in Primrose Hill. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension case for a Primrose Hill property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired term as at the valuation date was 64.77 years.