I am in the process of selling my apartment in Grange Park and the estate agent has just e-mailed to advise that the buyers are appointing a new solicitor. The excuse is that the lender will only engage with solicitors on their approved list. Why would a big named lender only deal with certain solicitors rather the firm that they want to appoint for their conveyancing in Grange Park ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, 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 as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are unlikely to have any impact on this.
We wanted to use a conveyancing solicitor in Grange Park for our house move. Our broker has since notified us that our bank Santander won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company will direct that a panel solicitor act for it. You would be expected to meet the charges for this. Please make use of our tool to choose a solicitor to conduct conveyancing in Grange Park on the Santander approved list of solicitors.
Do commercial conveyancing searches reveal impending roadworks that could impact a commercial premises in Grange Park?
Many commercial conveyancing solicitors in Grange Park will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Grange Park. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Grange Park.
For every commercial conveyancing transaction in Grange Park it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Grange Park commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Grange Park.
We're new on the property ladder - agreed a price, but the estate agent told us that the vendor will only move forward if we use their chosen conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor with experience of conveyancing in Grange Park
We suspect that the owner is not behind this request. Should the seller desire ‘a quick sale', taking such a hostile approach to a serious buyer is not the way to achieve this. Avoid the agents and go straight to the sellers and make sure they understand (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you wish to move quickly (e)however you are going to instruct your own,trusted Grange Park conveyancing solicitors - rather thanthose that will earn their negotiator at the agency a kickback or meet his conveyancing figures demanded by corporate headquarters.
I am attracted to a couple of flats in Grange Park which have about forty five years left on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Grange Park is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with under 75 years become less and less attractive. On a more upbeat 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 Grange Park conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 any new 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.
I have given up trying to purchase the freehold in Grange Park. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to make a decision on the price.
An example of a Lease Extension matter before the tribunal for a Grange Park flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The remaining number of years on the lease was 81.79 years.
My fiance and I are buying a four room bungalowin Grange Park with a loan from a mortgage company. We would like to retain our lawyer in Grange Park however our lender says he's not approved on their "panel". We have to appoint one of the our bank panel firms or stay with our Grange Park solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage company home loan issued is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most mortgage companies had open panels, including many conveyancing solicitors in Grange Park : 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 solicitors to apply to be on the conveyancing panel for your mortgage company.