We are hoping to acquire a 2 bedroom apartment in Southall with a mortgage. We wish to retain our Southall conveyancer, however the mortgage company advise he's not on their "panel". It seems we have little choice but to appoint one of the mortgage company panel conveyancing practices or continue with our Southall conveyancer as well as pay for one of their panel ones to represent them. We regard this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Southall conveyancing lawyer to apply to be on the conveyancing panel.
As someone unfamiliar with the Southall conveyancing process what’s your top tip you can impart for the legal transfer of property in Southall
You may not hear this from too many lawyers but conveyancing in Southall or throughout North London is often a confrontational process. Put another way, when it comes to conveyancing there exists plenty of room for confrontation between you and others involved in the legal transfer of property. For example, the vendor, selling agent and even potentially the mortgage company. Appointing a solicitor for your conveyancing in Southall an important selection as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to protect your best interests and to protect you.
On occasion a third party with a vested interest may attempt to persuade you that it is in your interests to do things their way. As an example, the selling agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your mortgage broker may advise you to do take action that is against your conveyancers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am about to put a bid on a leasehold flat in Southall. The selling agents assure me that it is standard for flats in Southall to have less than 75 years left on the lease. I am obtaining a mortgage with Bank of Ireland. Is this going to be acceptable if the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 15/4/2019 the requirements read as follows :
I purchased a terraced Georgian property in Southall. Conveyancing lawyer acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Southall and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing practitioner who conducted the conveyancing.
I am attracted to a couple of apartments in Southall both have about fifty years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Southall 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 value of the property. The majority of purchasers and lenders, leases with less than 75 years become less and less attractive. On a more upbeat 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 premises 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 Southall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Southall. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the price payable.
An example of a Lease Extension decision for a Southall premises is 33 Barbican Road in January 2013. The Tribunals calculation of the lease extension premium payable was £17,592. This case was in relation to 1 flat. The remaining number of years on the lease was 55.12 years.
My partner and I today found out that one of the directors of the law firm handling the purchase conveyancing in Southall is related to the owners that we are buying from. Is this permitted?
On the basis that there is no conflict of interest this is permitted. If you are needing mortgage finance then the mortgage company may have a say as many mortgage companies have specific instructions concerning this. For example for Halifax as of 15/4/2019, the requirements read as follows :