I am selling my ground floor flat in Oval and the EA has just text me to advise that the purchasers are switching law firm. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only engage with certain law firms rather the firm that they want to choose for their conveyancing in Oval ?
Lenders have always had panels of law firms they are content to work with, 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.
Banks point to the increase in fraud by way of justification for the reduction – 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. Plenty of firms 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 impact on this.
My husband and I are purchasing a brand new duplex in Oval and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the seller. I am under pressure to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the best way to discover of the solicitor carrying out my conveyancing in Oval is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Chelsea Building Society thus paying £192.00 in supplemental legal charges.
You should make the most of the search tool on this page. Pick the mortgage company and type ‘Oval’ or your location and you will see numerous conveyancers based in Oval or by proximity to you.
Have just purchased a probate house at auction in Oval. Conveyancing is required. What are my next steps?
Given that you have now exchanged you must choose a conveyancing solicitor soon as you are facing a pending a fixed date to complete the purchase. An auction property should have a corresponding auction set of papers. This will include most,if not all of the paperwork that your lawyer requires. In the case of leasehold property the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must give this to the lawyer working for you as soon as possible. You also need to ensure that that you have the requisite funding organised to complete the transaction on the set completion date.
We are purchasing a terrace house in Oval. The intention is to convert the garage to an office at the property.Will the conveyancing process involve investigations to determine if these works are prohibited?
Your conveyancer will review the deeds as conveyancing in Oval can occasionally identify restrictions in the title documents which prohibit categories of changes or need the permission of another owner. Some additions call for local authority planning consent and approval under the building regulations. Some locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be sensible to check these things with a surveyor ahead of any purchase.
How can we tell if a Oval conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Oval obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer conducting your transaction.
A relative suggested that if I am buying in Oval I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Oval conveyancing searches. It is a large document of more than thirty pages, listing and setting out significant information about Oval around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Oval Education with maps and statistics, Local Amenities and other useful information concerning Oval.
Can you provide any top tips for leasehold conveyancing in Oval from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Oval can be reduced where you appoint lawyers the minute your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers’ lawyers. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Obtaining a replacement share certificate is often a lengthy formality and frustrates many a Oval conveyancing transaction. Where a new share is needed, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later. You may think that you are aware of the number of years remaining on your lease but you should verify this via your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of landlords or managing agents in Oval levy fees for supplying management packs for a leasehold property. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Oval.
Following months of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Oval. Can we issue an application to the Residential Property Tribunal Service?
if 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 Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension case for a Oval flat is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case related to 1 flat. The unexpired term was 74.77 years.