I am selling my home in Oval and the EA has just e-mailed to warn that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Oval ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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. Your buyers are not going to have any sway in the decision.
Please help. My Oval solicitor is informing me me that he is legally obliged toapply for Oval conveyancing searches stemming from the fact thatthe firm are on the Nat Westsolicitor panel. These Oval checks cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Oval conveyancing searches.
we are a couple who are buying a newly converted apartment in Oval with a loan from Norwich and Peterborough Building Society.We would like to retain our Oval conveyancing solicitor but Norwich and Peterborough Building Society says he's not listed on their "panel". It seems we are left with little choice but to instruct a Norwich and Peterborough Building Society panel solicitor or keep our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you contains various provisions, a common one being that lawyers must be on the Norwich and Peterborough Building Society approved list. Until recently, most lenders 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 Norwich and Peterborough Building Society
I have justbecome aware that Stirling Law have closed. They conducted my conveyancing in Oval for a purchase of a freehold house 18 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The quickest method to see if the property is in your name, 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 Oval conveyancing specialists.
I'm purchasing my first flat in Oval benefiting from help to buy. The developers would not budge the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my conveyancer about the deal as it will impact my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 am tempted by the attractive purchase price for a couple of flats in Oval which have in the region of forty five years left on the leases. should I be concerned?
There are plenty of short leases in Oval. The lease is a right to use the property for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I am the registered owner of a first flat in Oval. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most certainly. We are happy to put you in touch with a Oval conveyancing firm who can help.
An example of a Lease Extension case for a Oval residence 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 was in relation to 1 flat. The remaining number of years on the lease was 74.77 years.