I am nearing exchange of contracts for my home in Gospel Oak and the estate agent has just telephoned to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Gospel Oak ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. No lender will say 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 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. The purchasers are not going to have any sway in the decision.
My partner and I are buying a newly built duplex in Gospel Oak and my conveyancer is advising me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I purchased a 4 bedroom Edwardian house in Gospel Oak. Conveyancing solicitor represented me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Gospel Oak and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing lawyer who completed the work.
I am buying a new build apartment in Gospel Oak. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Gospel Oak
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared.
I am thinking of appointing a conveyancing lawyer in Gospel Oak for my home move. Is there any facility to review a solicitor's complaints history with the legal regulator?
Members of the public can review presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA may recorded telephone calls for training purposes.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Gospel Oak conveyancing firm to act on my behalf?
Absolutely. We can put you in touch with a Gospel Oak conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gospel Oak property 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 number of years remaining on the existing lease(s) was 64.77 years.
What are the frequently found defects that you come across in leases for Gospel Oak properties?
There is nothing unique about leasehold conveyancing in Gospel Oak. All leases are unique and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You may encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Virgin Money, and Britannia all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, obliging the purchaser to pull out.