I am one month into the sale of my maisonette in London and the estate agent has just text me to say that the purchasers are swapping conveyancer. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to choose for their conveyancing in London ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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.
Are the BSA intent on creating a searchable register to to identify law firms on the Darlington Building Society conveyancing panel for instance in London?
We have not been informed any intention on the part of the BSA to promote such a tool.
I am looking for a leasehold apartment up to £245,000 and identified one close by in London I like with a park and transport links in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in London in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I am looking into buying my first house which is in London and I am already nervous. I couldn't find anything specific about London. Conveyancing will be needed in due course but do you know about the London area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at London. In the meantime here are some basic statistics that we found
I today plan to offer on a house that appears to be perfect, at a great figure which is making it all the more appealing. I have since been informed that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in London. Conveyancing advisers have are about to be appointed. Will they explain the issues?
Most houses in London are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in London so you should seriously consider looking for a London conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to conduct changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer should advise you fully on all the issues.
Notwithstanding our best endeavours, we have been unsuccessful in trying to purchase the freehold in London. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to determine the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.
I am buying a garden flat in London. Conveyancing lawyer has been awaiting, from the owner, building insurance documents. Earlier today I was informed that the seller needs to send the insurance schedule for the flat above in addition. Why would my property lawyer want to see the insurance for the other flat? Is it really required? We have been waiting for the last month…
It is not unheard of in leasehold conveyancing in London to find Conveyancing in London in a minority of cases reveals that the lease obliges the tenant's to insure their individual flats rather than the freeholder insuring the whole premises - which is definitely better. Do contact your conveyancing practitioner but it would seem that your solicitor is looking to verify that the whole building is insured. Insuring a ground floor flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be reinstated for lack of insurance cover.