Me and my partner are hoping to acquire a 3 bedroom apartment in Stanmore with a mortgage. We like our Stanmore lawyer, but the bank says he's not on their "panel". We have to appoint one of the lender panel solicitors or retain our Stanmore conveyancer as well as pay for one of their panel lawyers to act for them. This seems very unfair; can we not insist that the mortgage company use our Stanmore lawyer ?
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 Stanmore conveyancing lawyer to apply to be on the conveyancing panel.
We are getting a further advance on our mortgage from Co-operative as we want to conduct improvements to our home in Stanmore. Are we obliged to choose a high street Stanmore solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative don't usually appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative conveyancing panel.
I am expecting a OIP from RBS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do RBS recommend any Stanmore solicitors on the RBS conveyancing panel, or is it better to go independently?
You will need to appoint Stanmore solicitors independently although you'll need to choose one on the RBS conveyancing panel. The solicitor represents both you and RBS through the process.
My husband and I are in the throws of looking at flats in Stanmore and I am about to put in an offer. Should I already have a solicitor appointed at this point? I will be getting a home loan with HSBC.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the selling agent. Given that you are obtaining a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
I opted to have a survey carried out on a property in Stanmore prior to retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not give a loan on this type of premises.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you e-mail us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stanmore. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to appoint a Stanmore conveyancing practitioner in close proximity to the house I am purchasing? I have an old university friend who can deal with the legal work however his firm is located 300kilometers drive away.
The primary upside of using a local Stanmore conveyancing firm is that you can pop in to execute documents, deliver your identification documents and apply pressure on them if necessary. Having local Stanmore know how is a plus. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and the majority were happy that should trump using an unknown Stanmore conveyancing lawyer solely due to them being local.
Can you provide any advice for leasehold conveyancing in Stanmore with the intention of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Stanmore can be bypassed if you appoint lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. The majority of freeholders or Management Companies in Stanmore levy fees for providing management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Stanmore. If you hold a share in a the Management Company, you should make sure that you have the original share document. Organising a new share certificate is often a time consuming formality and slows down many a Stanmore conveyancing deal. If a reissued share is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Stanmore state that internal structural changes or laying down wooden flooring require a licence from the Landlord acquiescing to such changes. Where you fail to have the paperwork in place you should not communicate with the landlord without contacting your conveyancer in advance. A minority of Stanmore leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
I own a first floor flat in Stanmore. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to decide the price.
An example of a Lease Extension decision for a Stanmore property is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The unexpired term as at the valuation date was 70.25 years.