Me and my fiance are purchasing a 1 bedroom apartment in Westminster with a mortgage. We have a Westminster lawyer, however the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or retain our Westminster conveyancer as well as pay for one of their panel firms to represent them. This seems very unfair; are we not able to insist that the lender use our Westminster lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. A further alternative is for your Westminster conveyancing solicitor to apply to be on the conveyancing panel.
I am acquiring a house without a mortgage in Westminster. I have been residing for the last dozen years in Westminster. Conveyancing searches are exorbitant. Given that I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Westminster conveyancing searches are non-obligatory. Your lawyer will try and steer you, perhaps strongly, that you should have searches carried out, but he is duty bound to take that path of encouragement . One thing to take into account; if you are going to sell the house at a future date, it will likely be be of relevance to your prospective buyer what the searches determine. Sometimes houses with apparent issues can still throw up detrimental search results. A competent conveyancing solicitor in Westminster will be able to give you some helpful guidance concerning this.
Can you help - my lawyer advises that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Westminster?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Leeds Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
I'm the single beneficiary of my late grandmother’s will and I have everything in my name now, including the house in Westminster. Conveyancing formalities meant that the Land Registry date was in July. I now wish to sell up. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the property in July. Do I have to wait half a year to sell?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. Most lenders would take a pragmatic view as this clause chiefly exists to capture the purchase and immediately sell or the wholesaling and assigning of properties.
Can you point me to a directory of HSBC panel conveyancers in Westminster on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings open the public over the internet. If you are looking for a Westminster conveyancing practitioner on the HSBC please make the most of our facility.
How does conveyancing in Westminster differ for new build properties?
Most buyers of new build property in Westminster contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Westminster 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 accustomed to new build conveyancing in Westminster or who has acted in the same development.
My cousin has encouraged me to instruct his lawyers for conveyancing in Westminster. Should I choose my own property lawyer?
No doubt it’s preferable to select a conveyancing lawyer is to get guidance from friends or relatives who have experience in using the solicitor that you are contemplating using.
What are your top tips when it comes to finding a Westminster conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Westminster conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Westminster conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
-
Can they put you in touch with clients in Westminster who can give a testimonial?
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Westminster conveyancing firm to assist?
Where there is a absentee freeholder or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Lease Extension decision for a Westminster property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 56 years.