Unfortunately I am unable to travel far from Brompton. Please explain the reason why all Brompton lawyers are not on all bank panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It led to lenders purging a number of firms off their official list of approved property lawyers .
we are a couple who are buying a newbuild flat in Brompton with a loan from Leeds Building Society.We like our Brompton conveyancing solicitor but Leeds Building Society says she’s not listed on their "panel". We have to appoint a Leeds Building Society panel firm or retain our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Leeds Building Society use our lawyer?
Unfortunately,no. The loan offered to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Leeds Building Society solicitor 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Leeds Building Society
We are getting the release of further funds on our mortgage from Lloyds as we want to carry out a loft conversion to our house in Brompton. Are we obliged to select a high street Brompton solicitor on the Lloyds conveyancing panel to deal with the legals?
Lloyds don't usually instruct firms on their conveyancing panel to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Lloyds list.
I'm spending time looking at flats in Brompton and I am now considering a potential offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Yorkshire BS.
It would be prudent to instigate your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I am currently in the process of buying my council flat in Brompton. I have a mortgage offer with Kent Reliance. Conveyancing is new to me. 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 Kent Reliance, you will need to appoint a solicitor on the Kent Reliance conveyancing panel.
About to purchase a new build apartment in Brompton. Conveyancing is a frightening process 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 conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Brompton
-
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Please confirm the Lease plans are architect prepared.
I have been pointed in your direction by numerous selling agents in Brompton to choose a property lawyer using your seach tool. What’s the financial inducement for Estate Agents to recommend your site over and above a competitor’s?
We refuse to make any financial incentive for directing people our way. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am in need of some leasehold conveyancing in Brompton. Before diving in I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Brompton - then the leasehold title will always include the short particulars 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 own a first floor flat in Brompton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Lease Extension case for a Brompton property is Flat 3 47 Cadogan Square in December 2010. the Tribunal determined that the premium payable to the landord by the leaseholder for the lease extension was £732,935 This case affected 1 flat. The unexpired term as at the valuation date was 13.33 years.