My husband and I wish to acquire a newly converted flat in St Giles with a loan from Lloyds TSB Bank.We have a St Giles conveyancing practitioner but Lloyds TSB Bank says her practice is not listed on their "panel". We have to appoint a Lloyds TSB Bank panel lawyer or retain our preferred solicitor and fork out for a Lloyds TSB Bank panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, a common one being that conveyancers needs to be on the Lloyds TSB Bank approved list. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
I am being advised by my conveyancer that lack of right of way insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in St Giles?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Yorkshire Building Society and Virgin Money. Conveyancing solicitors as opposed to members of the public take out such policies.
I'm the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in St Giles. The St Giles property was put into my name in November. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the property in November. Do I have to wait half a year to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this provision principally exists to identify subsales or the flipping of property.
When it comes to mortgage companies such as Santander, do St Giles property lawyers have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
About to purchase a new build flat in St Giles. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in St Giles
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Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Due to the guidance of my in-laws I had a survey completed on a house in St Giles in advance of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will refuse to grant a mortgage on such a property.
It depends who your proposed lender is. HSBC has different instructions for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in St Giles. Conveyancing will be smoother if you use a solicitor in St Giles especially if they regularly deal with such properties in St Giles.
Taking into account that I will soon spend 450k on a property in St Giles I would like to have a conversation with the lawyer about myhouse move before giving the go ahead to the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your property ownership legalities in St Giles.There is no ‘factory style conveyancing’ - every client is an important person, not a file reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in St Giles should be the amount on the final invoice that you end up paying.
I am in need of some leasehold conveyancing in St Giles. Before I set the wheels in motion I want to be sure as to the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in St Giles - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the leaseholder of a first floor flat in St Giles. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
in cases where 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 First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Lease Extension matter before the tribunal for a St Giles residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.