Me and my fiance are purchasing a 1 bedroom apartment in Honor Oak with a mortgage. We would like to retain our Honor Oak lawyer, however the lender says she’s not on their "panel". It appears that we have little choice but to use one of the bank panel solicitors or continue with our Honor Oak property lawyer as well as pay for one of their panel lawyers to act for them. We consider that this is unjust; is there anything we can do?
Unfortunately,no. Your mortgage offer 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 Honor Oak conveyancing solicitor to apply to be on the conveyancing panel.
We wanted to use a conveyancing solicitor in Honor Oak for our house move. Our broker informed us that our mortgage lenders Alliance & Leicester won't deal with them. Why is this not regarded as unduly restrictive?
Lenders tend to imposes restrictions either the type or the volume of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the type of firm, some have reduced the amount of firms they permit to represent them. You should note that Alliance & Leicester have no responsibility for the quality of advice provided by any member of Alliance & Leicester Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there are differing views regarding the level of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that thousands of law firms, including some in or near Honor Oak only carry out a couple conveyances a year.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Honor Oak is where the house is located. What do you suggest?
Flying freeholds in Honor Oak are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Honor Oak you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Honor Oak may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I wish to rent out my leasehold apartment in Honor Oak. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease dictates the relationship between the landlord and you the leaseholder; in particular, it will indicate if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Honor Oak do not prevent subletting altogether – such a provision would undoubtedly devalue the flat. In most cases there is simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
I have had difficulty in seeking a lease extension in Honor Oak. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to decide the amount due.
An example of a Lease Extension decision for a Honor Oak premises is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The unexpired term was 61.81 years.
I need to change lawyers as my Honor Oak lawyer is not on the mortgage company's panel of conveyancing solicitors. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a solicitor to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Honor Oak that you're thinking of instructing.