We see that you have a post code search directory identifying law firms on the Nottingham conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Wormwood Scrubs?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Wormwood Scrubs.
We're in Wormwood Scrubs, FTBs purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We had appointed conveyancers locally in Wormwood Scrubs on the UBS solicitor approved list. They have just billed me an additional amount for the legal aspects of the UBS mortgage. Is this a supplemental conveyancing fee specified by UBS?
As unfair as it may seem, as long as it’s in their Terms and Conditions or estimate then yes your property lawyer may charge a fee for this. The charge is not set by UBS but by your Wormwood Scrubs lawyer. Numerous firms on the UBS panel will levy an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
We have a mortgage agreed in principle with Barclays. Wormwood Scrubs conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Barclays?
There is no definitive answer here. Have Barclays conducted the valuation? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Wormwood Scrubs bank branch on numerous occasions and was reassured it wasn't an issue and they will lend. My Wormwood Scrubs conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they will not lend in accordance with their specific requirements. I have no idea who is right.
Your solicitor has to comply with the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly identified as part of conveyancing in Wormwood Scrubs?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Wormwood Scrubs. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking at a two apartments in Wormwood Scrubs which have about forty five years left on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Wormwood Scrubs is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and banks, leases with less than 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wormwood Scrubs conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the leaseholder of a ground flat in Wormwood Scrubs. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the premium.
An example of a Freehold Enfranchisement case for a Wormwood Scrubs residence is 23 & 23A Collingbourne Road in June 2013. Tribunal was dealing with the assessment of the value of the freehold reversion and determination of the terms of the acquisition pursuant to an Order of District Judge Lightman dated 25 February 2013 vesting the freehold interest in the property in the applicant. The tribunal assessed the price of the freehold (to which any arrears or other sums due to the missing landlord under the leases should be added) at £81,638. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 64.5 years.
Builders have suggested I use a solicitor and I've sought a quote from them. They are nearly two hundred pounds cheaper than my preferred Wormwood Scrubs lawyer. Should I use them?
Developers frequently have lists of conveyancers who are quick and who know the seller’s documentation and lawyer. Plenty of developers offer an incentive to use a preferred solicitor for this reason, any increased charges can be avoided and a developer will not suggest a conveyancing warehouse and run the risk of having the conveyancing stall when they want exchange within a tight time frame. A counter-argument for not opting for the recommended solicitor is that they may prove hesitant to fight for your interests at the risk of upsetting the developer. If you worry that this may be the case you should remain with your local Wormwood Scrubs property lawyer.