I am nearing exchange of contracts for my flat in Ruislip and the estate agent has just e-mailed to warn that the buyers are switching solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Ruislip ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 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. Your buyers are not going to have any sway in the decision.
Are there restrictive covenants that are commonly picked up during conveyancing in Ruislip?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Ruislip. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Ruislip with a loan from Virgin Money. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not to tell my lawyer about this extras as it could affect my loan with Virgin Money. Should I keep quiet?.
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 the advice of my in-laws I had a survey completed on a property in Ruislip prior to appointing solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to issue a mortgage on a flying freehold property.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you e-mail us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ruislip. Conveyancing may be slightly more expensive based on your lender's requirements.
How easy is it to use your search tool to select a conveyancing practitioner in Ruislip on the approved list for my mortgage?
1st choose a mortgage company such as Birmingham Midshires, The Royal Bank of Scotland or Britannia then choose your location e.g. Ruislip. Conveyancing firms in Ruislip and nationally will then be identified.
I am attracted to a two apartments in Ruislip which have in the region of forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Ruislip is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ruislip conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Ruislip. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We can put you in touch with a Ruislip conveyancing firm who can help.
An example of a Lease Extension case for a Ruislip property is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The unexpired lease term was 53.26 years.