I am in the process of selling my house in Bayswater and the estate agent has just called to advise that the buyers are appointing a new property lawyer. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Bayswater ?
Banks have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. 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 purchasers are not going to have any impact on this.
Please could you recommend a Accord Mortgages Ltd accepted Bayswater conveyancing solicitor who can have us moved in within less than a month? Am I best advised to go for a high street Bayswater practice or an online firm?
We would be happy to suggest some excellent Bayswater conveyancing firms. You can also walk up the high street in Bayswater. Approach some well established firms and request to speak with a conveyancing solicitor for a costs illustration. Mention your deadline together with the reasons and ask for a commitment on your deadline. Select the one that genuine.
We wish to acquire a purpose built flat in Bayswater with a residential mortgage from Nottingham Building Society.We use our Bayswater conveyancing practitioner but Nottingham Building Society advised that his firm is not on their "panel". we are left little option but to use a Nottingham Building Society panel lawyer or keep our high street solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Nottingham Building Society use our lawyer?
Unfortunately,no. The home loan offered to you contains various provisions, one of which will be that conveyancers will be on the Nottingham Building Society conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Nottingham Building Society
I can see plenty of here about conveyancing in Bayswater but can you isolate your top tip for choosing the right conveyancer in Bayswater
It would be unwise to be seduced by the cheapest Bayswater conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
We have agreed to purchase a house in Bayswater. One unusual aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Lloyds your lawyer must follow the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Lloyds. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease does not comply with these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Bayswater.
I am currently in the process of buying my council flat in Bayswater. I have a mortgage agreed with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I decided to have a survey carried out on a property in Bayswater prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some banks tend not issue a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you contact us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bayswater. Conveyancing may be slightly more expensive based on your lender's requirements.
What are your top tips when it comes to choosing a Bayswater conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Bayswater conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Bayswater conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the charges for lease extension work? If they are not ALEP accredited then what is the reason?
We have reached the end of our tether in trying to purchase the freehold in Bayswater. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Bayswater conveyancing firm who can help.
An example of a Lease Extension case for a Bayswater residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case related to 1 flat. The unexpired lease term was 37.79 years.