My husband and I are looking to acquire a home in Bankside and have instructed a Bankside conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. National Westminster Bank have this evening contacted us to inform me that there is now an issue as our Bankside lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bankside solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Why do I have to pay up front for conveyancing in Bankside?
If you are buying a property in Bankside your lawyer will ask you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the total price then this will be required immediately in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a couple of days ahead of the day of completion.
In researching moneysavingexpert.com for a high-quality solicitor in Bankside, most say that I must use a CQS accredited lawyer. What is CQS?
Bankside Conveyancing Quality Scheme solicitors have achieved accreditation under the Law Society's Scheme (CQS) CQS was brought about to establish evidence of quality standards in the in the legal transfer of properties. CQS helps buyers and sellers to identify practices who provide a quality residential conveyancing. Bankside is one of the many areas in England and Wales in which accredited firms are based. The scheme requires law firms to undergo a strict assessment, compulsory training, self-certification, spot checks and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Legal Ombudsman.
Due to the encouragement of my in-laws I had a survey completed on a property in Bankside ahead of instructing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bankside. Conveyancing will be smoother if you use a solicitor in Bankside especially if they are acquainted with such properties in Bankside.
I am a negotiator for a busy estate agency in Bankside where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Bankside conveyancing firms. Could you confirm whether the vendor of a flat can instigate the lease extension process 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. The benefit of this is 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 before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
My wife and I have hit a brick wall in trying to purchase the freehold in Bankside. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the price payable.
An example of a Freehold Enfranchisement case for a Bankside flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The unexpired residue of the current lease was 107 years.
I'm buying a bungalow in Bankside. I have found my conveyancer's company on the CLC list, but I can't see my lawyer's name on the list. Should I be concerned?
Not every individual in the practice must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.