Unfortunately I am unable to travel far from South Kensington. Is there a reason why all South Kensington lawyers are not on all mortgage company panels?
Pre- 2008 most mortgage companies demonstrated an attitude to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Consequently, banks have subsequently requiredmore information from law firms concerning their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum volume of transactions the lenders required.
Can the conveyancing lawyers that you recommend perform conveyancing in South Kensington by way of an attended exchange?
There are a few conveyancing experts carrying out one day exchanges. You should contact us to secure a fee calculation and details as to dates.
About to purchase a new build flat in South Kensington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in South Kensington
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? There must be mutual enforceability of lessee’s covenants. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision.
My father-in-law has recommend that I appoint his lawyers for conveyancing in South Kensington. Do I take his guidance?
There are no two ways about it the best way to choose a conveyancing practitioner is to seek guidance from friends or relatives who have actually experience in using the conveyancer that you are are thinking of instructing.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Kensington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the premium.
An example of a Lease Extension matter before the tribunal for a South Kensington premises is Flat 16 21/22 Stanhope Gardens in November 2010. the Leasehold Valuation Tribunal concluded that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993, was £106,975 This case related to 1 flat. The unexpired term was 51.93 years.
When it comes to leasehold conveyancing in South Kensington what are the most common lease defects?
There is nothing unique about leasehold conveyancing in South Kensington. All leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building
A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Bank of Scotland, and TSB all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to withdraw.
My son is about to join the property ladder, the home loan was agreed last week in principle. After the offer was accepted on apartment we called the lender to progress the mortgage application. We were very surprised to discover that mortgage lenders do not accept all solicitor, they have to be on a list, is this legal?
Banks tend to imposes restrictions either the type or the number of conveyancing solicitors on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any South Kensington conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.