I am progressing with the sale of my home in Chalk Farm and the estate agent has just text me to say that the purchasers are appointing a new law firm. The reason given is that the bank will only deal with solicitors on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to choose for their conveyancing in Chalk Farm ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Me and my partner are due to complete buying a house in Chalk Farm but as a result of damage from a small fire at the property I have was able negotiate reparation from the owner of £3k taking the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but Skipton will not permit this. Why were they informed?
Any lawyer that is on the Skipton conveyancing panel is obliged to inform Skipton of any variations to the purchase price. If you prohibit your conveyancing practitioner to disclose the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Chalk Farm.
Having sold my house in Chalk Farm last January but our buyer keeps Skype messaging me to moan that her solicitor needs to hear from mine. What are the post completion sale formalities following completion?
Following your disposal your solicitor is committed to deliver the transfer deeds and all of the paperwork to the purchaser's lawyers. If applicable, your lawyer must also send confirmation that the legal charge in favour of the lender has been repaid to the buyers solicitors. There is unlikely to be post completion steps just for conveyancing in Chalk Farm.
I had intended to instruct a property lawyer in Chalk Farm for our house purchase. Our broker has since advised us that our bank Leeds Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Chalk Farm conveyancing firms would have been on most mortgage company panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms concerning their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of conveyancing. Many Chalk Farm conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Chalk Farm is one of the thousands of areas where the solicitors we list are are approved Leeds Building Society.
I am thinking of appointing a conveyancing solicitor in Chalk Farm for my home move. Is it possible to review a firm’s record with the profession’s regulator?
Members of the public may see documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The SRA could recorded call for training requirements.
We expect to complete the sale of our £175,000 garden flat in Chalk Farm in just under a week. The managing agents has quoted £324 for Certificate of Compliance, insurance certificate and 3 years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Chalk Farm?
Chalk Farm conveyancing on leasehold flats more often than not requires the buyer’s conveyancer sending questions for the landlord to answer. Although the landlord is not legally bound to respond to such questions most will be willing to assist. They may invoice a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it exceeds £800. The administration charge levied by the landlord must be sent together with a synopsis of rights and obligations in respect of administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Chalk Farm conveyancing firm to represent me?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the LVT to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Chalk Farm flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired lease term was 64.77 years.