I am nearing exchange of contracts for my apartment in Lower Sunbury and the estate agent has just e-mailed to say that the buyers are changing their conveyancer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain solicitors rather the firm that they want to choose for their conveyancing in Lower Sunbury ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 unlikely to have any sway in the decision.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Lower Sunbury?
There are many recorded licenced Conveyancers in Lower Sunbury and Solicitor practices in Lower Sunbury to choose from We would stress that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. Both can deal with other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I'm the sole recipient of my late father’s will and I have everything in my name alone, including the house in Lower Sunbury. The Lower Sunbury property was put into my name in June. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be treated the same way as if I'd bought the house in June. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Most mortgage companies would take a sensible view as this requirement is primarily there to identify subsales or the flipping of property.
We previously appointed conveyancing lawyers based in Lower Sunbury on the RBS solicitor panel. They have just billed me a supplemental fee for the legal aspects of the RBS mortgage. Is this a supplemental conveyancing fee set by RBS?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancer is entitled to levy a fee for this. This charge is not dictated by RBS but by your Lower Sunbury conveyancer. Plenty of firms on the RBS panel will charge ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Lower Sunbury I like with amenity areas and railway links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Lower Sunbury in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
There are only 68 years remaining on my lease in Lower Sunbury. I now wish to get lease extension but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you have used your best endeavours to find the freeholder. For most situations an enquiry agent would be useful to conduct investigations and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to proving the landlord’s disappearance and the application to the County Court covering Lower Sunbury.
We have reached the end of our tether in seeking a lease extension in Lower Sunbury. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the price.
An example of a Lease Extension matter before the tribunal for a Lower Sunbury premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case related to 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.
Your search tool is useful but there are many lawyers listed near Lower Sunbury being on the lender conveyancing panel. Can you recommend a specific firm on the mortgage company approved panel?
We do not recommend specific Lower Sunbury firms as the right Lower Sunbury conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Lower Sunbury knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..