My partner and I are planning to buy a home in West Smithfield and are in fact using a West Smithfield conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Yorkshire Building Society have this evening contacted us to advise us that there is now an issue as our West Smithfield conveyancer is not on their conveyancing panel. What do we do from here?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred West Smithfield lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My fiance and I are buying a newbuild apartment in West Smithfield with a mortgage from Accord Mortgages Ltd.We would like to retain our West Smithfield conveyancing solicitor but Accord Mortgages Ltd says she’s not listed on their "panel". It seems we are left with little choice but to instruct a Accord Mortgages Ltd panel solicitor or retain our local solicitor and pay for a Accord Mortgages Ltd panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Accord Mortgages Ltd use our lawyer?
Unfortunately,no. The mortgage issued to you is subject to its various provisions, one of which will be that conveyancers needs to be on the Accord Mortgages Ltd conveyancing panel. Until recently, most banks had large numbers of solicitors 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for Accord Mortgages Ltd
How does conveyancing in West Smithfield differ for new build properties?
Most buyers of new build residence in West Smithfield approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in West Smithfield tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in West Smithfield or who has acted in the same development.
I've recently bought a leasehold flat in West Smithfield. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up seeking a lease extension in West Smithfield. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the price.
An example of a Lease Extension matter before the tribunal for a West Smithfield flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired residue of the current lease was 66.8 years.
We have been advised by various friends that it should take 6-8 weeks for West Smithfield conveyancing to complete.This was four weeks ago. The property information was only received to my conveyancer yesterday so now does it countdown?
There is no conventional countdown for conveyancing in West Smithfield, or any location. You simply have to ensure that your finances are in place and in due course the rest will come together.