I am in the process of selling my flat in Sipson and the EA has just called to say that the purchasers are changing their conveyancer. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Sipson ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – 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 says 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. The purchasers are not going to have any sway in the decision.
I have been recommended a conveyancing solicitor in Sipson. I I am struggling to find out whether they are on the Virgin Money approved list of lawyers. Can you assist?
The first thing to do is call the solicitor and enquire whether they can act for the bank. Otherwise you can call Virgin Money who may be able to assist.
Forgive me if this question is silly but I am new to the process as FTB of a ground floor flat in Sipson. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Sipson?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the completion advance to the owner’s lawyers, and once they have received this, you should be invited to collect the keys from the Estate Agents and start moving into the property. Usually this occurs early afternoon.
We were going to get a DIP from HSBC this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Sipson solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Sipson solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I am due to exchange contracts on my apartment. I had a double glazing fitted in July 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, RBS are being difficult. The Sipson solicitor who is on the RBS conveyancing panel is saying indemnity insurance will be fine but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Sipson is the location of the property. Is there any guidance you can give?
Flying freeholds in Sipson are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sipson you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sipson may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have just started marketing my basement apartment in Sipson. Conveyancing solicitors are to be appointed soon, but I have just received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you pay the service charge as you normally would because all ground rent and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I am the registered owner of a ground floor flat in Sipson. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Where there is a missing freeholder or where there is disagreement 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 First-tier Tribunal (Property Chamber) to decide the premium.
An example of a Freehold Enfranchisement decision for a Sipson property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term as at the valuation date was 69 years.
Some months ago I was advised by my bank that their panel solicitors work on no sale no charge basis for conveyancing in Sipson. I had a purchase fall through and now the solicitors have requested search fees! They are stating that the fees are seperate!
Sipson conveyancing search costs are separate expenses not solicitors fees as these are payable to independent parties.