I am progressing with the sale of my house in Ashford and the estate agent has just called to advise that the purchasers are appointing a new law firm. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Ashford ?
Lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your buyers are unlikely to have any impact on this.
Our son-in-law is purchasing a new build apartment in Ashford with a home loan from Bank of Ireland. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Bank of Ireland conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Bank of Ireland conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Various online forums that I have frequented warn that are a common reason for obstruction in Ashford house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Ashford.
How does conveyancing in Ashford differ for new build properties?
Most buyers of new build residence in Ashford come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Ashford typically purchase the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Ashford or who has acted in the same development.
How does the Landlord & Tenant Act 1954 affect my business premises in Ashford and how can your lawyers assist?
The particular law that you refer to provides security of tenure to commercial lessees, giving them the a statutory right to make a request to court for a new lease and continue in occupation at the end of the lease term. There are limited grounds that a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Ashford
I work for a reputable estate agency in Ashford where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Ashford conveyancing firms. Please can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Ashford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Ashford conveyancing firm who can help.
An example of a Lease Extension case for a Ashford premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired residue of the current lease was 82.93 years.