I am selling my flat in Somerstown and the estate agent has just called to advise that the buyers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Somerstown ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your buyers are not going to have any sway in the decision.
I'm buying my first flat in Somerstown with a loan from Leeds Building Society. The builders would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about this deal as it will put at risk my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to instruct a conveyancing solicitor for purchase conveyancing in Somerstown. I've land on a site which looks to be the ideal solution If there is a chance to get all this stuff completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have just discovered that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Somerstown. Conveyancing advisers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Somerstown ?
The majority of houses in Somerstown are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Somerstown so you should seriously consider shopping around for a Somerstown conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is part of an estate. Your conveyancer should appraise you on the various issues.
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Somerstown. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a missing landlord or where 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 Leasehold Valuation Tribunal to judgment on the price payable.
An example of a Lease Extension matter before the tribunal for a Somerstown premises is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 62.79 years.
How do I discover who is the owner of a property in Somerstown?
Assuming that the premises is registered with the Land Registry, and you have requisite details of the location of the property, you will be able to obtain details from the HM Land Registry of the registered proprietor for a fee.