Can you help? My Westminster lawyer is informing me me that he is legally obliged toorder Westminster conveyancing searches becausethe firm are on the Santanderconveyancing panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. As you are taking a home loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Westminster conveyancing searches.
We wanted to use a conveyancing solicitor in Westminster for our house move. Our broker has since notified us that our mortgage lenders Halifax won't deal with them. Surely this is unduly restrictive?
Lenders in the main imposes restrictions either the category or the amount of conveyancing firms on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the profile of firm, a few lenders have reduced the number of solicitor practices they use to act for them. You should note that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there are mixed opinions regarding the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Westminster only carry out a couple conveyances per annum.
Can I be sure that the Westminster conveyancing solicitor on the Leeds Building Society panel is any good?
When it comes to conveyancing in Westminster seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor conducting your conveyancing.
I have a mortgage with Kent Reliance for my property in Westminster. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Kent Reliance must be informed of your intention in advance of letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
Intending to buy a maisonette in Westminster. 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 Lloyds 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 Westminster conveyancer is on the Lloyds conveyancing panel.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Westminster is the location of the property. Is there any guidance you can impart?
Flying freeholds in Westminster are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Westminster you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Westminster 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.
Taking into account that I will soon part with £400,000 on 3 bedroom house in Westminster I wish to talk to a conveyancer regarding thehome move before giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your property ownership legalities in Westminster.There is no ‘factory style conveyancing’ - every client is an important person, not a case number. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Westminster should be the amount on the final invoice that you are charged.
I am attracted to a couple of flats in Westminster which have in the region of forty five years left on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.
I own a first floor flat in Westminster. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
if there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Lease Extension decision for a Westminster property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired residue of the current lease was 56 years.