I am in the process of selling my maisonette in Southall and the estate agent has just e-mailed to warn that the purchasers are swapping solicitor. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Southall ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions blame a rise in fraud as the reason 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 claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
My partner and I are purchasing our first house. Our conveyancer has texted usto ask if we wish to order additional conveyancing searches. We are really unsure what's needed for conveyancing in Southall
The type of Southall conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your familiarity of the area and risks, your overall approach to risk. What is important is that you adequately understand what information each search could give you. You may then decide if you personally think you need that search. If unsure, ask the property lawyer to advise.
My solicitor has informed me that absentee landlord insurance is needed on my purchase. What is the level of cover for Southall conveyancing?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and The Mortgage Works. Conveyancing lawyers as opposed to members of the public take out such insurances.
is it true that all Southall solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Many lenders do permit licenced conveyancers on their panel and in such a situation the firms would be regulated by the Council of Licensed Conveyancers.
I currently have a mortgage with Santander for my property in Southall. Conveyancing was finalised some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander before renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
I have been on the look out for a flat up to £195,000 and found one round the corner in Southall I like with amenity areas and railway links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Southall in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am 3 weeks into a freehold purchase having been directed to a firm by the high street agent to carry out the conveyancing in Southall. I am am starting to be dissatisfied with the level of service. Could you help me find new solicitors?
A lawyer would need to be really bad in order to consider diss instructing them. Has your mortgage been generated? If so you will need to inform them of the new contact details and ensure the offer are re-issued. Your new solicitor ideally should be on the banks approved list to avoid supplemental expenses and frustration. So that should be your first question of the new lawyers. The find a solicitor tool will assist you in finding a lender approved lawyer for your conveyancing in Southall
Can you provide any top tips for leasehold conveyancing in Southall with the aim of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Southall can be bypassed where you instruct lawyers the minute your agents start advertising the property and ask them to put together the leasehold documentation needed by the buyers’ representatives. If you have the benefit of shareholding in the freehold, you should ensure that you have the original share document. Organising a duplicate share certificate is often a lengthy process and frustrates many a Southall conveyancing transaction. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity. Some Southall leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
Having spent years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Southall. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the sum to be paid.
An example of a Lease Extension case for a Southall residence is 33 Barbican Road in January 2013. The Tribunals calculation of the lease extension premium payable was £17,592. This case affected 1 flat. The unexpired term as at the valuation date was 55.12 years.