Me and my fiance are buying a 3 bedroom flat in Stoke Newington with a mortgage. We have a Stoke Newington lawyer, but the bank says she’s not on their "panel". It appears that we have little choice but to appoint one of the bank panel firms or retain our Stoke Newington solicitor as well as pay for one of their panel firms to represent them. We feel that this is unjust; can we not require that the mortgage company use our Stoke Newington conveyancing practitioner ?
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 Stoke Newington conveyancing lawyer to apply to be on the conveyancing panel.
When it comes to lenders such as Co-operative, do Stoke Newington solicitors face an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We previously chose conveyancing lawyers located in Stoke Newington on the Leeds Building Society solicitor panel. They have just invoiced me a supplemental fee for dealing with the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer is entitled to charge a fee for this. This fee is not set by Leeds Building Society but by your Stoke Newington lawyer. Some firms on the Leeds Building Society panel will levy ’dealing with mortgage’ fee and others do not.
About to purchase apartment in Stoke Newington. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Stoke Newington lawyer is on the Co-operative conveyancing panel.
I completed on my apartment on 10 October and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Stoke Newington expressed confidence that it would be concluded in less than a month. Are properties in Stoke Newington uniquely lengthy to register?
There is nothing unique about conveyancing in Stoke Newington registration formalities. As opposed to being determined by geographic area, timeframes can adjust according to the party submitting the application, whether there are errors and whether the Land registry need to notify any 3rd persons or bodies. At present in the region of three quarters of submission are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration is effected after the buyer is living at the property thus 'speed' is not typically an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
I'm converting the mortgage on my existing house to a buy to let loan with Accord Mortgages Ltd and intend to use the remaining equity as a down payment on further property. The area we are looking at is Stoke Newington. Will your conveyancers be able to act for the two mortgage companies and tie in the transactions?
Do use our search tool on this site to ensure that the conveyancers are approved by both banks. On the basis that they are your solicitor will be able to connect the two conveyancing matters but you should talk with you solicitor and specify your expectations and requirements.
I would like to let out my leasehold apartment in Stoke Newington. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your last Stoke Newington conveyancing solicitor is not around you can review your lease to see if it allows you to sublet the apartment. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you must obtain consent via your landlord or some other party prior to subletting. This means you not allowed to sublet in the absence of first obtaining consent. The consent should not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
I own a ground flat in Stoke Newington. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Stoke Newington conveyancing firm who can help.
An example of a Lease Extension case for a Stoke Newington property is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case related to 1 flat.