I can't travel far from Bow Street. What is the rationale as to why all Bow Street conveyancing practitioners aren't automatically on all lender panels?
A decade ago most lenders displayed an approach to risk which is different from today. The Financial Services Authority in 2010 conducted a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Consequently, mortgage companies have since looked to extract more information from law firms concerning their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum amount of transactions the lenders insisted on.
I have Fifty Six years unexpired on my lease and need a lease extension for my apartment in Bow Street. Conveyancing solicitors on the Platform panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 19/11/2024 the requirements read as follows :
Are there restrictive covenants that are commonly picked up during conveyancing in Bow Street?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bow Street. 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…’
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Bow Street I like with a park and transport links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Bow Street for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
My brother-in-law has suggested I instruct a conveyancing solicitor in Bow Street. I I would like to check if they are listed on the bank's approved list of lawyers. Can you assist?
It’s a good idea call your lawyer to enquire if they are on the bank's panel. Alternatively please call us and we can investigate and revert. If they are not on the conveyancing panel we we can help find a quality conveyancing solicitor in Bow Street on the panel for your lender.