Me and my partner are hoping to purchase a 1 bedroom apartment in Custom House with a mortgage. We have a Custom House lawyer, but the bank advise she’s not on their "panel". It appears that we have little option but to select one of the mortgage company panel solicitors or continue with our Custom House lawyer as well as pay for one of their panel ones to act for them. This seems very unfair; can we not require that the mortgage company use our Custom House lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Custom House conveyancing lawyer to apply to be on the conveyancing panel.
Are you able to recommend a Virgin Money sanctioned Custom House conveyancing firm who can have us moved in within 10 days? Am I best advised to unstruct a high street Custom House firm or a factory type firm?
We can recommend some very good Custom House conveyancing firms. You can also walk up the high street in Custom House. Approach some well established firms and request to speak with a conveyancing solicitor for a costs illustration. Discuss your time frames together with the reasons and ask for an assurance on your deadline. Select the lawyer that genuine.
It is is a decade since I purchased my home in Custom House. Conveyancing solicitors have now been retained on the sale but I am unable to track down the deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by your mortgage company or they could be archived with the solicitor who acted in your purchase. Secondly in all probability the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining current official copies of the land registers. The vast majority of conveyancing in Custom House relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
I had intended to instruct a conveyancing solicitor in Custom House for our home move. Our financial adviser has since advised us that our mortgage lenders Birmingham Midshires won't deal with them. Why is this not regarded as unfair competition?
Mortgage Companies on the whole restrict either the category or the number of conveyancing firms on their panel. A common example of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few lenders have limited the number of firms they permit to act for them. Be aware that Birmingham Midshires have no responsibility for the quality of advice provided by any member of Birmingham Midshires Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there remains mixed views about the extent of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near Custom House only execute very few conveyances a year.
Should I go with a Custom House conveyancing solicitor in close proximity to the house I am purchasing? An old friend can perform the legal formalities however his firm is located 200miles away.
The primary upside of using a local Custom House conveyancing firm is that you can attend the office to execute paperwork, present your ID and pester them where appropriate. Having local Custom House know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were happy that should surpass using an unknown Custom House conveyancing lawyer just because they are round the corner.
I am tempted by the attractive purchase price for a two flats in Custom House which have in the region of forty five years remaining on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Custom House is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the salability of the property. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Custom House conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
My wife and I have hit a brick wall in negotiating a lease extension in Custom House. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Custom House conveyancing firm who can help.
An example of a Lease Extension decision for a Custom House flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired residue of the current lease was 69.77 years.