I am in the process of selling my flat in Shadwell and the EA has just telephoned to advise that the purchasers are changing their solicitor. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a leading lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Shadwell ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders 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. No lender will say 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 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 purchasers are unlikely to have any sway in the decision.
Our Shadwell solicitor has spotted a difference between the surveyor’s assumptions in the home valuation report and what is revealed within the conveyancing documents. My lawyer says that he is duty bound to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my solicitor’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Shadwell. Do I collect the keys to the premises on the completion date from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Shadwell?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and once they have received this, you will be called to receive the keys from the property Agents and start moving into the property. Usually this happens between 1 and 3pm.
We are getting the release of further monies on our mortgage from Virgin Money as we want to conduct renovations to our house in Shadwell. Are we obliged to appoint a high street Shadwell solicitor on the Virgin Money conveyancing panel to handle the legals?
Virgin Money would not normally instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.
Completion of my remortgage has taken place for my property in Shadwell. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Should our conveyancer be making enquiries concerning flooding during the conveyancing in Shadwell.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Shadwell. There are those who acquire a house in Shadwell, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a various checks that can be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in Shadwell. The standard information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to determine if the property has historically flooded. If flooding has previously occurred and is not disclosed by the seller, then a buyer could bring a compensation claim resulting from an inaccurate reply. A buyer’s lawyers will also commission an environmental search. This should higlight whether there is any known flood risk. If so, further inquiries will need to be initiated.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Shadwell and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business leaseholders, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and help with commercial conveyancing in Shadwell
My husband and I may need to let out our Shadwell garden flat temporarily due to taking a sabbatical. We used a Shadwell conveyancing firm in 2001 but they have closed and we did not have the foresight to seek any advice as to whether the lease allows us to sublet. How do we find out?
Notwithstanding that your previous Shadwell conveyancing solicitor is not around you can check your lease to see if it allows you to sublet the premises. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you need to seek permission from your landlord or some other party before subletting. This means that you cannot sublet in the absence of first obtaining permission. Such consent must not not be unreasonably withheld. If your lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Shadwell conveyancing firm to help?
Most definitely. We can put you in touch with a Shadwell conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Shadwell property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The remaining number of years on the lease was 101.61 years.