I am progressing with the sale of my maisonette in Strawberry Hill and the EA has just text me to warn that the buyers are changing their law firm. The excuse is that the lender will only engage with solicitors on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Strawberry Hill ?
Banks have always had panels of law firms they are willing to work with, but in the past 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 more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 sway in the decision.
We were just about to exchange contracts for a ground floor flat in Strawberry Hill. We encountered a snag. Our loan offer with National Westminster Bank expires on 3/4/2023 but the sellers are suggesting a completion date of 5/4/2023. Can one extend the loan offer?
The person best placed to address this question is your conveyancer who will determine whether they should be discussing with the bank, vendor’s solicitors, estate agents or conceivably all parties taking into account what has happend in your conveyancing as of today.
The Strawberry Hill conveyancing solicitors that just started acting on my house acquisition in Strawberry Hill have suddenly closed. I only went with them because I had to have a lawyer on the Lloyds conveyancing panel and my family Strawberry Hill lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
I used Arc property Solicitors several years ago for my conveyancing in Strawberry Hill. I now require my file however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Strawberry Hill of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am attracted to a couple of flats in Strawberry Hill both have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Strawberry Hill conveyancing firm to assist?
in cases where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the amount due.
An example of a Lease Extension decision for a Strawberry Hill property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired residue of the current lease was 60.45 years.
Why do I have to provide my solicitor with various items of identification before they can proceed with my conveyancing in Strawberry Hill?
Strawberry Hill solicitors are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current Money Laundering Regulations to record that the have verified the identity of their clients. It will also be a requirement of your bank if you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and DOB.