I can't travel far from St Pancras. Can you please spell out why all St Pancras conveyancers are not on all lender panels?
Mortgage companies point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. This led to mortgage companies purging a number of firms off their official list of approved solicitors .
Please could you recommend a Yorkshire Building Society sanctioned St Pancras conveyancing firm finish our home move within a short deadline? Am I best advised to choose a local St Pancras solicitor or a web based conveyancer?
We can recommend some very good St Pancras conveyancing firms. You can also walk up the high street in St Pancras. Approach a couple of firms and request to see a conveyancing solicitor for a quote. Discuss your requirements together with the reasons and get a commitment on your deadline. Choose the one that appears most efficient.
We had chosen conveyancing lawyers located in St Pancras on the RBS solicitor panel. They have just invoiced me an additional amount for handling the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your solicitor is entitled to levy a fee for this. This fee is not dictated by RBS but by your St Pancras conveyancer. Numerous firms on the RBS panel will quote an ‘acting for lender’ fee and others do not.
I am buying a property in St Pancras. An unusual aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Virgin Money your lawyer must comply with the conveyancing instructions contained in Part two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not restricted to St Pancras.
Bank of Ireland have agreed my home loan in principle, my offer on a flat in St Pancras has been accepted, what are the next steps?
The property agent will want to be informed of your conveyancer's details (be sure the conveyancing practitioners are on the bank’s panel). Call up Bank of Ireland or your financial adviser and complete any outstanding forms. Bank of Ireland will appoint a valuer who will get in contact with the selling agent or seller to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Bank of Ireland will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in St Pancras.
I got the keys to my home on 14 May and the transaction details is yet to be registered. Any reason for this? My conveyancing solicitor in St Pancras said it should be formalised in less than a month. Are titles in St Pancras particularly slow to register?
As far as conveyancing in St Pancras registration is no faster or slower than the rest of the country. Rather than based on location, timescales can vary depending on the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. At present roughly 80% of such applications are fully addressed in less than three weeks but some can be subject to longer hold-ups. Historically registration occurs after the new owner is living at the premises so registration formalities is not always top priority yet where there is a degree of urgency associated with the registration then you or your lawyers should contact the land registry and explain the circumstances.
How does conveyancing in St Pancras differ for newly converted properties?
Most buyers of new build residence in St Pancras contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because builders in St Pancras typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in St Pancras or who has acted in the same development.
Do you have any advice for leasehold conveyancing in St Pancras from the point of view of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in St Pancras can be bypassed where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers. The majority of freeholders or managing agents in St Pancras charge for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in St Pancras. If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in St Pancras state that internal structural changes or addition of wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Should you dont have the consents in place you should not contact the landlord without contacting your lawyer first. If you have had any disputes with your freeholder or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as over rather than unresolved. If you hold a share in a the Management Company, you should ensure that you have the original share document. Obtaining a re-issued share certificate is often a lengthy formality and delays many a St Pancras home move. Where a reissued share is required, do contact the company officers or managing agents (if relevant) for this at the earliest opportunity.
I inherited a garden flat in St Pancras. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
Most definitely. We can put you in touch with a St Pancras conveyancing firm who can help.
An example of a Lease Extension decision for a St Pancras residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The remaining number of years on the lease was 66.8 years.