My husband and I are planning to purchase a property in Wealdstone and have instructed a Wealdstone conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Yorkshire Building Society have this evening contacted us to advise us that there is now an issue as our Wealdstone conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Wealdstone lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Should lawyers request money up-front for conveyancing in Wealdstone?
If you are buying a property in Wealdstone your lawyer will ask you to provide them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is payable against the total price then this will be needed immediately in advance of contracts are exchanged. The final balance that is needed will be payable shortly before completion.
I am considering applying for a RBS mortgage for purchase of a new build (under development) in Wealdstone with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
In theory, you could use a solicitor that is not on the RBS conveyancing panel, but RBS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
How does conveyancing in Wealdstone differ for newly converted properties?
Most buyers of new build residence in Wealdstone come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Wealdstone tend to buy 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 used to new build conveyancing in Wealdstone or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Wealdstone is where the house is located. Can you shed any light on this issue?
Flying freeholds in Wealdstone are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wealdstone you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wealdstone may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Can you offer any advice when it comes to choosing a Wealdstone conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Wealdstone conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Wealdstone conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
If they are not ALEP accredited then what is the reason? How many lease extensions has the firm completed in Wealdstone in the last twenty four months?
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Wealdstone. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Wealdstone conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Wealdstone residence is 139/139A Masons Avenue in February 2010. this was a case with an absentee freeholder. As a result the leaseholders applied to Willesden County Court for an order dispensing with the giving of a notice of claim.14th October 2009 District Judge Brar granted a vesting order and the court directed that the matter should be transferred to this tribunal to determine the freehold premium. The tribunal concluded on a figure of £13,000 for the freehold interest This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 74 years.