I am in the process of selling my maisonette in Chelsea and the estate agent has just text me to warn that the buyers are changing their property lawyer. The reason given is that the bank will only work with property lawyers on their approved list. Why would a big named lender only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Chelsea ?
UK lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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 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 unlikely to have any impact on this.
Can the conveyancing solicitors that you recommend carry out right to buy conveyancing in Chelsea?
We work with numerous conveyancing solicitors who can handle right to buy conveyancing work Do contact the conveyancers listed to get a costs calculation.
Can I use your services to locate a Conveyancing solicitor in Chelsea even where I’m not purchasing or disposing of a house, for example if I wish to acquire an office in Chelsea with a mortgage from Coventry Building Society?
Our search tool is primarily utilised to find domestic conveyancing solicitors in Chelsea but we have recorded at the bottom of this page a few Chelsea commercial conveyancing firms. You will need to make contact with the firm directly to establish if they are also authorised to represent Coventry Building Society
My brother has recommend that I appoint his lawyers for conveyancing in Chelsea. Do I follow his recommendation?
There are no two ways about it the best way to select a conveyancing practitioner is to get recommendations from friends or family who have used the solicitor that you are considering.
Do you have any advice for leasehold conveyancing in Chelsea with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chelsea can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the purchasers’ representatives. Many freeholders or managing agents in Chelsea levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Chelsea. You believe that you know the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale. A minority of Chelsea leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual 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.
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Chelsea. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the sum to be paid.
An example of a Lease Extension decision for a Chelsea residence is 150A Albert Palace Mansions Lurline Gardens in July 2013. The Tribunal determined that the premium payable for the new lease of the subject property was £42,069 This case affected 1 flat. The unexpired residue of the current lease was 57.06 years.