I am selling my ground floor flat in Yiewsley and the estate agent has just telephoned to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to select to handle their conveyancing in Yiewsley ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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.
The Yiewsley conveyancing firm that just started acting on my house acquisition in Yiewsley have suddenly closed. They were on acting for me because I had to have a lawyer on the Barclays conveyancing panel and my preferred Yiewsley lawyer was not. I paid them 275 plus VAT in advance. What are my options?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
My friend advised me that if I am purchasing in Yiewsley I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally included in the estimate for your Yiewsley conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Yiewsley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Yiewsley Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Yiewsley.
How does conveyancing in Yiewsley differ for newly converted properties?
Most buyers of new build or newly converted property in Yiewsley come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Yiewsley tend to acquire 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 used to new build conveyancing in Yiewsley or who has acted in the same development.
I opted to have a survey carried out on a house in Yiewsley in advance of appointing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders tend refuse to give a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Yiewsley. Conveyancing may be slightly more expensive based on your lender's requirements.
Do you have any top tips for leasehold conveyancing in Yiewsley from the perspective of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Yiewsley can be avoided if you appoint lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the residence would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Most leases in Yiewsley state that internal structural changes or addition of wooden flooring require a licence from the Landlord approving such alterations. Where you dont have the consents to hand do not communicate with the landlord without checking with your solicitor in the first instance. If you hold a share in a the freehold, you should ensure that you have the original share certificate. Obtaining a new share certificate is often a lengthy process and frustrates many a Yiewsley conveyancing deal. If a new share certificate is necessary, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. Some Yiewsley leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Yiewsley. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to judgment on the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Yiewsley 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 affected 2 flats. The number of years remaining on the existing lease(s) was 69 years.