Am I correct in assuming that the fact that my conveyancer in Greenford is not listed on my lender's conveyancing panel that there is a problem with the standard of his work?
That is more than likely a wrong assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Greenford conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
Some advice if I may. My Greenford lawyer is assuring me that she is duty bound toapply for Greenford conveyancing searches becausethe firm are on the Lloydsapproved lawyer panel. These Greenford checks cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Greenford conveyancing searches.
I happen to be the single recipient of my late mum's estate with all property in now in my sole name, including the my former home in Greenford. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the house. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How practical a view banks take of it, depend on the mortgage company as this obligation is principally there to identify subsales or the flipping of property.
When it comes to lenders such as HSBC, do Greenford property lawyers have to pay a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I currently have a mortgage with RBS for my property in Greenford. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
RBS must be informed of your intention prior to letting out your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel solicitor.
How does conveyancing in Greenford differ for new build properties?
Most buyers of new build or newly converted property in Greenford come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Greenford usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Greenford or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one near me in Greenford I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. There is not much else in Greenford in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I inherited a ground flat in Greenford. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Absolutely. We can put you in touch with a Greenford conveyancing firm who can help.
An example of a lease Extension case for a Greenford premises is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case related to 1 flat. The number of years remaining on the existing lease(s) was 58.19 years.
What makes a Greenford lease unacceptable for security purposes?
Leasehold conveyancing in Greenford is not unique. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are erroneous. The following missing provisions could result in a defective lease:
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A duty to insure the building Service charge per centages that don't add up correctly leaving a shortfall
You may have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Leeds Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.