My wife and I are planning to buy a property in Ladbroke Grove and have appointed a Ladbroke Grove conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Godiva Mortgages Ltd have this evening contacted us to advise us that there is now an issue as our Ladbroke Grove lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Ladbroke Grove lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
I have been told that property searches are a common cause of obstruction in Ladbroke Grove conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Ladbroke Grove.
What does commercial conveyancing in Ladbroke Grove cover?
Ladbroke Grove conveyancing for business premises covers a wide range of guidance, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
My husband and I are a couple of weeks into a freehold purchase having been directed to a firm by the estate agent to carry out the conveyancing in Ladbroke Grove. I am am extremely frustrated with the level of service. Can you help me find new solicitors?
A solicitor would need to be very poor to suggest replacing them. Has your mortgage been sent? In the event that it has you need to advise them of the new contact details and ensure the offer are re-issued. The solicitor ideally needs to be on the mortgage company panel to avoid escalating charges and delays. So that should be your starting point. The search tool will assist you in finding a bank approved solicitor for your conveyancing in Ladbroke Grove
I work for a reputable estate agent office in Ladbroke Grove where we have experienced a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Ladbroke Grove conveyancing firms. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Ladbroke Grove conveyancing firm to help?
Where there is a absentee freeholder 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 LVT to arrive at the amount due.
An example of a Lease Extension matter before the tribunal for a Ladbroke Grove property is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case affected 1 flat. The number of years remaining on the existing lease(s) was 60 years.