I am selling my house in Bexley and the estate agent has just e-mailed to warn that the purchasers are switching conveyancer. The reason given is that the lender will only work with property lawyers on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Bexley ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 do not even realise 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 not going to have any impact on this.
Please could you recommend a TSB approved Bexley conveyancing firm that can complete within 28 days? Would it be better to use a local Bexley firm or a factory type comparison site?
We can recommend some very good Bexley conveyancing firms. Another option is to visit the main road in Bexley. Visit two or three firms and ask to speak with a conveyancing solicitor for a costs illustration. Explain your requirements together with the reasons and ask for a commitment on your deadline. Appoint the lawyer that appears most efficient.
Is there a list of Yorkshire BS panel solicitors in Bexley on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public online. If you are seeking to appoint a Bexley solicitor on the Yorkshire BS please use our tool.
I am purchasing a property in Bexley. One unusual aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Coventry BS your lawyer must check the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Coventry BS where a lease does not comply with these conditions. The conditions relate to the installation of panels on properties countrywide and is not limited to Bexley.
I have paid off my mortgage with HSBC. I assume I don't need a Bexley conveyancer on the HSBC panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I'm buying my first flat in Bexley with a loan from Barclays . The developers would not reduce the price so I negotiated 6k of additionals instead. The estate agent told me not to tell my solicitor about this extras as it may jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
There are only 72 years left on my lease in Bexley. I now wish to extend my lease but my freeholder is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have made all reasonable attempts to find the landlord. In some cases a specialist should be useful to try and locate and prepare an expert document to be accepted by the court as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Bexley.
My wife and I have hit a brick wall in negotiating a lease extension in Bexley. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 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 decision for a Bexley flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.
Why do Bexley conveyancing charges differ for leasehold and freehold properties?
Inevitably there is increased work required in leasehold conveyancing. Bexley has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.