I had intended to instruct a property lawyer in Tower Hill for our house move. Our financial adviser has since advised us that our bank Leeds Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had a different appetite for risk. Almost all Tower Hill conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms about their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Tower Hill conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Tower Hill is amongst the hundreds of locations where the conveyancers we recommend are on the panel for Leeds Building Society.
Me and my partner are buying a apartment in Tower Hill. I might seem paranoid but how we can trust a conveyancer? At some point we have to send our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Last month we had a mortgage agreed in principle with Leeds Building Society. Tower Hill conveyancing solicitors were selected. How long does it take for Leeds Building Society to issue the offer to the conveyancing practitioner?
There is no definitive answer here. Have Leeds Building Society done the valuation? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Tower Hill. An unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Co-operative your lawyer must follow the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook includes minimum specifications for solar panel roof-space leases, and solicitors are required to report to Co-operative where a lease does not meet these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Tower Hill.
A relative advised me that if I am purchasing in Tower Hill I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Tower Hill conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Tower Hill around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Tower Hill Education with plans and statistics, Local Amenities and other useful information regarding Tower Hill.
We are a fortnight into a freehold purchase having been directed to conveyancers by the estate agent to perform conveyancing in Tower Hill. I am am starting to be dissatisfied with the level of service. Could you you assist me in finding new solicitors?
They would need to be very poor in order to consider changing them. Has the mortgage offer been issued? In the event that it has you must make them aware of the new contact details and have the mortgage documents are re-issued. Your new solicitor ideally needs to be on the banks panel to avoid escalating fees and frustration. That should be your starting point. The search tool can assist you in finding a bank approved conveyancer for your home move in Tower Hill
What are your top tips when it comes to finding a Tower Hill conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Tower Hill conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Tower Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions has the firm carried out in Tower Hill in the last twenty four months? How experienced is the practice with lease extension legislation?
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Tower Hill conveyancing firm to act on my behalf?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to arrive at the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Tower Hill property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired lease term was 107 years.
Please can you clarify what options are available to me if my Tower Hill conveyancing searches shows detrimental entries?
Usually, almost all adverse entries arising from Tower Hill conveyancing search responses can be addressed in advance of completion or title insurance could possibly be put on cover. You should remember that although you may be buying the premises and might be willing to live with the search results, your building society or bank may not, and when all said and done they have the final say.