I am hoping to receive a mortgage offer from Lloyds. My intention is to employ the services of a Licensed Conveyancer in Shadwell. Does the Lloyds Solicitor panel allow for conveyancers regulated by the CLC?
The Lloyds conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
Can you explain why leasehold purchase conveyancing in Shadwell costs more?
In short, leasehold conveyancing in Shadwell and Leeds usually necessitates more due diligence compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord concerning the service of required notices, obtaining current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
Can you point me to a directory of HSBC panel solicitors in Shadwell on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of banks make their panel listings open the public on the web. If you are in need of a Shadwell solicitor on the HSBC please use our tool.
We have agreed to purchase a house in Shadwell. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As your lender is Santander your lawyer must follow the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Santander. The CML Handbook includes minimum requirements for solar panel roof-space leases, and solicitors are required to report to Santander where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties in England and Wales and is not restricted to Shadwell.
After shopping around on the internet I have found a Shadwell solicitor having made sure that they are on the Virgin Money conveyancing panel. Does my lawyer arrange the survey of the property?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Shadwell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
The deeds to our house are lost. The solicitors who conducted the conveyancing in Shadwell 5 years ago have long since closed. What do I do?
In today’s world there are copies made of almost everything, and your conveyancer should know precisely where to locate all the relevant documentation so you can buy or dispose of your house without any difficulty. Where copies are not available, your lawyer can put in place insurance or indemnities protecting you against future claims on your premises.
I was pointed in your direction by a number of property agents in Shadwell to select a solicitor on your site. What’s the financial inducement for Estate Agents to market your services ahead of alternative conveyancing organisations?
We refuse to give any commission for sending work in our direction. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am attracted to a couple of apartments in Shadwell which have in the region of fifty years remaining on the leases. Will this present a problem?
A lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this arena.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Shadwell conveyancing firm to act on my behalf?
if there is a missing freeholder or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to assess the price.
An example of a Freehold Enfranchisement decision for a Shadwell premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired term as at the valuation date was 101.61 years.