I am nearing exchange of contracts for my flat in North Kensington and the estate agent has just telephoned to warn that the purchasers are appointing a new law firm. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a major lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in North Kensington ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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. Plenty of firms are unaware that 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 sway in the decision.
Will commercial conveyancing searches disclose proposed roadworks that may affect a commercial land in North Kensington?
Its becoming the norm that commercial conveyancing solicitors in North Kensington will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in North Kensington. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in North Kensington.
For every commercial conveyancing transaction in North Kensington it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to North Kensington commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in North Kensington.
I have recentlyfound out that Arc property Solicitors have been shut down. They conducted my conveyancing in North Kensington for a purchase of a freehold house 9 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The easiest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of North Kensington conveyancing specialists.
I am purchasing a new build house in North Kensington with a mortgage from Godiva Mortgages Ltd. The builders refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not inform my conveyancer about this side-deal as it will affect my loan with the bank. Is this normal?.
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.
Do you have any advice for leasehold conveyancing in North Kensington from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in North Kensington can be reduced where you appoint lawyers the minute you market your property and ask them to collate the leasehold information needed by the buyers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be wise to double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to where the lease term is less than 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Most leases in North Kensington state that internal structural changes or installing wooden flooring require a licence issued by the Landlord consenting to such alterations. Where you dont have the paperwork to hand you should not contact the landlord without contacting your lawyer in the first instance. If you are supposed to have a share in the freehold, you should ensure that you hold the original share document. Organising a duplicate share certificate is often a lengthy formality and slows down many a North Kensington conveyancing deal. Where a new share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. If there is a history of any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to ongoing.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a North Kensington conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a North Kensington conveyancing firm who can help.
An example of a Lease Extension decision for a North Kensington property is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired residue of the current lease was 37.79 years.
To what extent are North Kensington conveyancing solicitors under an obligation to the Law Society to publish clear conveyancing figures?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in North Kensington or beyond.