We wanted to use a property lawyer in Archway for our house purchase. Our financial adviser has since notified us that our mortgage lenders Bank of Ireland won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies ordinarily restrict either the category or the amount of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of solicitor practices they allow to represent them. Be aware that Bank of Ireland have no responsibility for the quality of advice provided by any member of Bank of Ireland Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there are differing opinions about the level of solicitor engagement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Archway only carry out a couple conveyances a year.
I am the sole recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Archway. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the property in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. many lenders would take a pragmatic view as this obligation is principally there to pick up on subsales or the wholesaling and assigning of property.
I was told two weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Archway is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
At last I have had an offer on a maisonette in Archway agreed to, but there is a chain. The sellers have put an offer on a property, however it’s not yet tied up, and have viewings of other properties in the pipeline. I have chosen a high street conveyancing solicitor in Archway. What should be my next step? At what stage should I apply for the mortgage with Aldermore?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx £1k, then survey, Archway conveyancing search fees, etc). First, you must ensure that your conveyancing practitioner is on the Aldermore conveyancing panel. Regarding the subsequent stages this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. During a hot market the majority of buyers will apply for the mortgage with Aldermore and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with the conveyancing in Archway.
A colleague suggested that if I am buying in Archway I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally included in the estimate for your Archway conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Archway around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Archway Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Archway Education with maps and statistics, Local Amenities and other useful data concerning Archway.
I opted to have a survey done on a property in Archway ahead of appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies tend not grant a loan on such a home.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Archway. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Archway to see if the conveyancing will be more expensive.
I am looking for a conveyancing lawyer in Archway for my house move. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
You can see documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after Jan 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator could monitor call for training requirements.
I am on look out for some leasehold conveyancing in Archway. Before diving in I require certainty as to the remaining lease term.
If the lease is registered - and 99.9% are in Archway - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have had difficulty in negotiating a lease extension in Archway. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Archway conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Archway premises is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case related to 1 flat. The unexpired residue of the current lease was 67.85 years.