I am selling my flat in Lower Clapton and the estate agent has just text me to advise that the buyers are swapping solicitor. The excuse is that the lender will only work with property lawyers on their approved list. Why would a big named mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Lower Clapton ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say 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. Your buyers are unlikely to have any impact on this.
I'm the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Lower Clapton. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership will be treated the same way as if I'd bought the house in November. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view banks take of it, depend on the lender as this provision primarily exists to capture subsales or the wholesaling and assigning of properties.
is it true that all Lower Clapton solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be governed by the SRA. Many lenders do list licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
About to purchase maisonette in Lower Clapton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lower Clapton lawyer is on the Principality conveyancing panel.
I'm buying my first flat in Lower Clapton with a mortgage from Lloyds TSB Bank. The builders would not reduce the price so I negotiated £7000 of additionals instead. The house builders rep suggested that I not to tell my conveyancer about the side-deal as it will impact my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Lower Clapton I like with open areas and station in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Lower Clapton in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I am looking for a conveyancing lawyer in Lower Clapton for my sale. Is it possible to see a firm’s record with the legal regulator?
Anyone can review documented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after Jan 2008. Go to Check a solicitor's record. For records Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
I have just started marketing my 2 bed apartment in Lower Clapton. Conveyancing lawyers have not yet been instructed, however I have just received a yearly service charge invoice – Do I pay up?
It best that you discharge the invoice as normal because all rents and maintenance charges should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Lower Clapton. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the LVT to make a decision on the premium.
An example of a Freehold Enfranchisement decision for a Lower Clapton property is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case affected 10 flats. The unexpired term was 71.25 years.