I had intended to instruct a conveyancing solicitor in Wembley for our home move. Our financial adviser has since notified us that our mortgage lenders Yorkshire Building Society won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily restrict either the category or the volume of conveyancing solicitors on their member panel. A common example of such criteria being that a firm must not be a sole practitioner. As well as restricting the profile of firm, some have decided to limit the number of firms they use to act for them. Be aware that Yorkshire Building Society have no responsibility for the quality of advice provided by any member of Yorkshire Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are differing views regarding the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Wembley only carry out one or two conveyances a year.
How does conveyancing in Wembley differ for newly converted properties?
Most buyers of new build property in Wembley approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Wembley 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 conveyancers 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 Wembley or who has acted in the same development.
What does commercial conveyancing in Wembley cover?
Wembley conveyancing for business premises incorporates a wide range of guidance, offered by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Should I go with a Wembley conveyancing solicitor who is local to the property I am hoping to buy? An old friend can execute the legal work but his firm is located approximately 350kilometers drive away.
The primary upside of using a high street Wembley conveyancing firm is that you can visit the firm to sign documents, present your identification documents and apply pressure on them if necessary. Having local Wembley know how is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were content that should surpass using an unfamiliar Wembley conveyancing solicitor solely due to them being local.
I own a leasehold flat in Wembley. Conveyancing and Nationwide Building Society mortgage organised. A letter has just been received from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing solicitor in Wembley who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the registered owner of the freehold reversion. You do not need to instruct a Wembley conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
After years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Wembley. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension decision for a Wembley flat is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The remaining number of years on the lease was 74 years.
At what stage do I incur the Stamp Duty Land Tax payable for my house transaction in Wembley?
The conveyancing practitioner will fill out a stamp duty return for you during your Wembley purchase transaction for signature. On completion your solicitor will submit the STL Return Form to the Tax Authorities and - assuming they have the money - settle any land tax liability on your behalf.