My partner and I are hoping to purchase a property in Sheen Park and are in fact using a Sheen Park conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that there is now an issue as our Sheen Park solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sheen Park lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
The property market in Sheen Park is heating up. What can I do to expedite matters?
Where you are under a tight deadline to complete it is highly recommended that your solicitor is familiar with the location as they will have local connections and insight. It is even conceivable that they could have transacted previoushouses in the same street. You would be best advised to use a Sheen Park conveyancing lawyer. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that 18% of Sheen Park conveyancing transactions are held up or jeopardised after discovering a purchaser’s conveyancer was not on their banks panel. In many cases this discovery resulted in the transaction being delayed by almost 21 days. It is estimated that this issue impacts approximately 100,000 home sales annually. Almost all Sheen Park conveyancing practices can not act for certain banks so do check as early as possible.
Should lawyers ask for money on account for conveyancing in Sheen Park?
If you are buying a property in Sheen Park your solicitor will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the sale price then this should be required immediately ahead of contracts are exchanged. Any further balance that is needed should be sent to your lawyer a few days ahead of the completion date.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Sheen Park is where the house is located. Is there any advice you can impart?
Flying freeholds in Sheen Park are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sheen Park you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sheen Park may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am 3 weeks into a leasehold purchase having been directed to solicitors by the local agent to handle our conveyancing in Sheen Park. I am am very dissatisfied with the quality of service. Can you you assist me in finding new conveyancers?
A solicitor would have to be really bad to suggest diss instructing them. Has your loan offer been sent? If so you must make them aware of the new contact details and have the mortgage documents are re-issued. Your solicitor ideally should be on the mortgage company panel to avoid added expenses and complications. That should be your first question of the new solicitors. The find a solicitor tool can assist you in finding a lender approved solicitor for your conveyancing in Sheen Park
I am a negotiator for a long established estate agent office in Sheen Park where we see a number of leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Sheen Park conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the registered owner of a second floor flat in Sheen Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a Sheen Park conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Sheen Park premises is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case related to 3 flats. The unexpired term as at the valuation date was 66.25 years.