I am in the process of selling my ground floor flat in West London and the EA has just telephoned to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to select to handle their conveyancing in West London ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many 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 monitor. 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 being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise 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 impact on this.
Why is leasehold purchase conveyancing in West London is more expensive?
The conveyancing costs for a leasehold premises in West London is often more expensive when contrasted to a freehold transaction. This is because there is an amount of extra investigations required in communicating with the freeholder and managing agents to collate the evidence concerning whether the rent and maintenance fee have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
We are expecting a mortgage offer soon. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to appoint a West London based conveyancing firm?
You should check but the chances are that give you one of their panel solicitors where you want the "fee-free" offer. Contact the mortgage company and explore if they make available a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near West London.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial land in West London?
Its becoming the norm that commercial conveyancing solicitors in West London will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in West London. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in West London.
For every commercial conveyancing transaction in West London it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to West London commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in West London.
Back In 2007, I bought a leasehold house in West London. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in West London who acted for me is not around. Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a West London conveyancing firm to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
My wife and I have hit a brick wall in trying to purchase the freehold in West London. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a West London conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West London residence is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have just found out that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in West London. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in West London ?
Most houses in West London are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in West London so you should seriously consider shopping around for a West London conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor will report to you on the legal implications.