Am I correct in assuming that the fact that my solicitor in Radlett is not listed on my bank's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
That is more than likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Radlett conveyancing practice and ask them why they are no longer on the approved list for your lender.
My fiance and I intend to remortgage our flat in Radlett with Kent Reliance. We have a son 18 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two questions (1) Is this form unique to the Kent Reliance conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his entitlement to inherit the property?
First, rest assured that your Kent Reliance conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Kent Reliance. This is solely used to protect Kent Reliance if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Kent Reliance had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I am the registered owner of a freehold premises in Radlett but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Radlett and has limited impact for conveyancing in Radlett but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
How does conveyancing in Radlett differ for newly converted properties?
Most buyers of new build residence in Radlett come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Radlett typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Radlett or who has acted in the same development.
Can you offer any advice when it comes to appointing a Radlett conveyancing practice to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Radlett conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Radlett conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Radlett who can give a testimonial?
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Radlett. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Freehold Enfranchisement case for a Radlett residence is 42 Churchill Road in March 2013. The Tribunal determined that the price payable in respect of the acquisition of the freehold of the property as required under the terms of the Court Order dated 21 December 2012, is£26,958 This case affected 1 flat.
My son is just in the process of moving home, he had his mortgage in principle. After the seller agreed the offer on the apartment we telephoned the mortgage institution to move forward with his. I was shocked to learn that mortgage companies do not accept all property lawyer, they must be on their panel, is this correct?
Mortgage Companies tend to restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Radlett property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.