I am nearing exchange of contracts for my ground floor flat in Aldersgate and the EA has just e-mailed to say that the buyers are swapping property lawyer. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a big named mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Aldersgate ?
UK lenders 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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 buyers are unlikely to have any impact on this.
I require fast conveyancing in Aldersgate as I am under a deadline to complete inside 4 weeks. A home loan is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you have the choice not to have searches conducted although no lawyer would suggest that you don't. With lots of history conveyancing in Aldersgate the following are examples of issues that can appear and therefore impact future mortgageability: Enforcement Actions, Outstanding Fees, Overdue Grants, Road Schemes,...
About to purchase a new build flat in Aldersgate. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Aldersgate
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There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
In my capacity as executor for the will of my uncle I am selling a property in Cardiff but live in Aldersgate. My solicitor (who is 235 kilometers awayrequires that I sign a statutory declaration before the transaction finalising. Could you suggest a conveyancing practitioner in Aldersgate who can witness this legal document for me?
strictly speaking you should not be required to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are Aldersgate based
Last August I purchased a leasehold flat in Aldersgate. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
After months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Aldersgate. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We can put you in touch with a Aldersgate conveyancing firm who can help.
An example of a Lease Extension decision for a Aldersgate flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired lease term was 72.39 years.
Do I need to attend the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Aldersgate so that I can attend their offices if required.
Whereas this was necessary ten years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Aldersgate.