I am selling my house in Kingsbury and the EA has just text me to advise that the buyers are swapping conveyancer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Kingsbury ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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 buyers are unlikely to have any impact on this.
Why do I have to pay up front when it comes to conveyancing in Kingsbury?
If you are buying a property in Kingsbury your lawyer will ask you put them with monies to cover the search fees. Generally this is called for to cover the fees of the conveyancing searches. If any deposit is as part of the sale price then this should be asked for shortly prior to contracts are exchanged. The final balance that is needed will be payable shortly before completion.
I have been told that property searches are the primary reason for obstruction in Kingsbury conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Kingsbury.
I am looking for a ground for flat up to £305k and identified one near me in Kingsbury I like with open areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Kingsbury suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
As co-executor for the will of my grandfather I am disposing of a property in Monmouth but reside in Kingsbury. My conveyancer (based 260 kilometers from merequires that I sign a stat dec prior to completion. Can you recommend a conveyancing lawyer in Kingsbury to witness this legal document for me?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will suffice regardless of whether they are based in Kingsbury
I am in need of some leasehold conveyancing in Kingsbury. Before diving in I want to be sure as to the remaining lease term.
Assuming the lease is registered - and almost all are in Kingsbury - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a first flat in Kingsbury. 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?
in cases where there is a absentee freeholder or if there is dispute 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 arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Kingsbury flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 70.25 years.