I am in the process of selling my home in Wembley Central and the estate agent has just text me to advise that the buyers are appointing a new property lawyer. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a major lender only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Wembley Central ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say 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. Some 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 buyers are not going to have any sway in the decision.
I have 71 years unexpired on my lease and need a lease extension for my apartment in Wembley Central. Conveyancing solicitors on the Accord Mortgages panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 6/10/2024 the requirements read as follows :
I am due to exchange contracts on my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Kent Reliance are being problematic. The Wembley Central solicitor who is on the Kent Reliance conveyancing panel is recommending indemnity insurance as a solution but Kent Reliance are insisting on a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Planning on purchasing a maisonette in Wembley Central. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Skipton conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wembley Central property lawyer is on the Skipton conveyancing panel.
Aldermore have agreed my mortgage in principle, my bid on a house in Wembley Central has been accepted, what happens next?
The estate agent will wish to be informed of your conveyancing practitioner's details (ensure that the property lawyers are on the bank’s approved list). Call up Aldermore or your broker and finalise any outstanding forms. Aldermore will appoint a valuer who will get in contact with the estate agent or seller to schedule a slot for the valuation to occur. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Aldermore will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wembley Central.
I am buying a new build apartment in Wembley Central. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Wembley Central
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I was advised by a number of property agents in Wembley Central to choose a solicitor on your site. What’s the financial upside for Estate Agents to promote your lawyers ahead of another?
We don’t give any financial incentive for sending work to this site. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I would like to let out my leasehold apartment in Wembley Central. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Your lease governs the relationship between the freeholder and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is permitted. Most leases in Wembley Central do not prevent subletting altogether – such a provision would undoubtedly devalue the property. In most cases there is simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Wembley Central conveyancing firm to help?
You certainly can. We can put you in touch with a Wembley Central conveyancing firm who can help.
An example of a Lease Extension decision for a Wembley Central property 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 was in relation to 1 flat. The unexpired residue of the current lease was 74 years.