Me and my fiance are planning to acquire a 2 bedroom apartment in Brent Cross with a mortgage. We have a Brent Cross solicitor, however the mortgage company says he's not on their "panel". We have to appoint one of the mortgage company panel solicitors or retain our Brent Cross lawyer as well as pay for one of their panel lawyers to act for them. This feels very unfair; are we not able to insist that the bank use our Brent Cross conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Brent Cross conveyancing lawyer to apply to be on the conveyancing panel.
Do I need to visit the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Brent Cross so that I can pop in to their offices if required.
As opposed to 12 years ago, most mortgage companies no longer need their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply ID documents and there are still manifest advantages to choosing a local solicitor, in your case a conveyancing solicitor in Brent Cross.
Various internet forums that I have frequented warn that are a common cause of delay in Brent Cross house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Brent Cross.
I am looking for a leasehold apartment up to £235,500 and identified one near me in Brent Cross I like with a park and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Brent Cross in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
What advice can you give us when it comes to finding a Brent Cross conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Brent Cross conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Brent Cross conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
How many lease extensions has the firm conducted in Brent Cross in the last 12 months? What are the charges for lease extension conveyancing?
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Brent Cross conveyancing firm to help?
Where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the price.
An example of a Lease Extension case for a Brent Cross property is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case related to 1 flat. The unexpired term was 71 years.