I am one month into the sale of my house in Upper Clapton and the estate agent has just text me to say that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Upper Clapton ?
UK lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The purchasers are not going to have any sway in the decision.
The owners have rather assertive sellers who has insisted on a lock out contract with a payment of 5k. Are such agreements sensible?
There are two main drawbacks with executing a lock out agreement (also known as a no-shop agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not promoted amongst Upper Clapton conveyancing practitioners for this reason. The other main issue is the extent of the remedies available - an aggrieved purchaser is not likely to be granted an injunctive ruling by a court to prevent the owner completing the sale to an alternative purchaser, so the only remedy open via the contract will be the recovery of wasted costs and, in restricted situations, the extra payment of penalties.
It is a dozen years since I bought my property in Upper Clapton. Conveyancing solicitors have now been instructed on the sale but I am unable to track down my deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with your lender or they could be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Nearly all conveyancing in Upper Clapton involves registered property but in the unlikely event that your home is not registered it is more tricky but is resolvable.
A relative advised me that if I am purchasing in Upper Clapton I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Upper Clapton conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Upper Clapton around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Upper Clapton Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Upper Clapton.
I'm buying my first flat in Upper Clapton with a loan from Nationwide Building Society. The sellers refused to reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not to tell my lawyer about this extras as it could affect my loan with Nationwide Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Can you offer any advice when it comes to appointing a Upper Clapton conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Upper Clapton conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Upper Clapton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
If the firm is not ALEP accredited then why not? What are the costs for lease extension work?
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Upper Clapton conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a Upper Clapton conveyancing firm who can help.
An example of a Lease Extension case for a Upper Clapton flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case was in relation to 1 flat. The unexpired residue of the current lease was 59 years.