My fiance and I are looking to purchase a flat in Malden and have appointed a Malden conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. The Royal Bank of Scotland have this morning contacted us to advise us that there is now an issue as our Malden lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Malden lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My fiance and I are hoping to buy a newbuild apartment in Malden with a loan from TSB.We use our Malden conveyancing solicitor but TSB advised that his firm is not listed on their "panel". It seems we have little choice but to instruct a TSB panel solicitor or retain our local solicitor and pay for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that TSB use our lawyer?
Unfortunately,no. The mortgage issued to you contains various provisions, one of which will be that conveyancers needs to be on the TSB solicitor panel. in the past, most mortgage companies had large numbers of solicitors 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 solicitors to apply to be on the conveyancing panel for TSB
It has been five months following my purchase conveyancing in Malden concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Should I be concerned that 3rd parties that I am dealing with are suggesting a web based conveyancing firm rather than a High Street Malden conveyancing practice?
As is the case with lots of professional services, often suggestions from relatives can be extremely useful or valuable. Yet there are numerous people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies might all put forward solicitors to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a commercial relationship behind the endorsement. You have the discretion to choose your own lawyer. You need to be aware that the majority of lenders have an approved list of solicitors you must use for the mortgage related work in your conveyancing.
I am using a search engine for the phrase conveyancing in Malden it reveals many solicitorsin the area. With so much choice what is the best way to find the right solicitor for purchase transaction?
The best way of choosing a suitable conveyancer is through a personal referral, so ask friends and relatives who have purchased a property in Malden or a reputable estate agent or financial adviser. Costs for conveyancing in Malden differ, so it's sensible to secure at least four fee estimates from varying types of conveyancers. Make sure that you know what costs in the quote includes.
All being well we will complete our sale of a £475,000 flat in Malden in just under a week. The freeholder has quoted £420 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Malden?
For the majority of leasehold sales in Malden conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Completing pre-contract enquiries
Where consent is required before sale in Malden
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Malden. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Freehold Enfranchisement decision for a Malden residence is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case was in relation to 7 flats. The unexpired residue of the current lease was 75.88 years.