My wife and I are buying a 1 bedroom flat in Ilford with a mortgage. We would like to retain our Ilford conveyancer, however the bank says she’s not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Ilford solicitor and pay for one of their panel lawyers to represent them. We regard this is unjust; is there anything we can do?
No, not really. 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 Ilford conveyancing solicitor to apply to be on the conveyancing panel.
My mortgage company has suggested solicitors on their panel based in Ilford but I would rather use a conveyancing lawyer in Ilford local to me. Are you able to assist?
Far from all Ilford conveyancing firms are on all banks conveyancing panel. Use our search tool to choose a Ilford conveyancing conveyancer on the on the mortgage company panel.
I own a renovated Victorian house in Ilford. Conveyancing lawyer represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. Is it worth asking Lloyds TSB Bank to clarify?
You should read 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 Ilford and other locations in 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 check the position with your conveyancing practitioner who conducted the purchase.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one round the corner in Ilford I like with amenity areas and transport links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Ilford in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Last July I purchased a leasehold house in Ilford. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Ilford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to make a decision on the premium.
An example of a Lease Extension case for a Ilford residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The remaining number of years on the lease was 61.36 years.
Our conveyancer in Ilford has discovered a defect with the lease for the property we are buying in Ilford. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.