I am one month into the sale of my apartment in Brockley and the EA has just called to advise that the purchasers are swapping conveyancer. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major lender only work with certain law firms rather the firm that they want to select for their conveyancing in Brockley ?
Banks have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions attribute 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 keep an eye on. 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 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 sway in the decision.
I own a freehold residence in Brockley but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Brockley and has limited impact for conveyancing in Brockley but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Should commercial conveyancing searches reveal impending roadworks that may impact a commercial land in Brockley?
Its becoming the norm that commercial conveyancing solicitors in Brockley will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Brockley. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Brockley.
For each commercial conveyancing transaction in Brockley it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Brockley commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for residential conveyancing in Brockley.
I am buying a new build house in Brockley with a mortgage from Aldermore. The developers would not budge the amount so I negotiated 6k of extras instead. The property agent advised me not to tell my lawyer about this extras as it could jeopardize my loan with Aldermore. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Brockley I like with a park and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Brockley suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
Our conveyancing in Brockley is completing this Friday, however the vendors I am buying off wishes to vacate the next day at afternoon. Do I accept such a idea?
You can't complete on a Saturday because the bank systems are not operating.