Me and my fiance are buying property in Bromley. My property lawyer is not listed on the lender solicitor list. Am I still permitted to continue with my Bromley conveyancing solicitor even though they are not on the bank list of approved lawyers?
You must use a property lawyer to complete the legal work required if you require a loan to buy your home. They will carry out all the necessary legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. One may appoint a Bromley property lawyer of your choice. Nevertheless, if the solicitor selected is not on the mortgage company approved list additional fees will arise as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your conveyancer has not in the past sought membership they should do so.
My fiance and I changing mortgage lender for our penthouse in Bromley with TSB. We have a son 19 who lives at home. Our solicitor requested us to identify any adults other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have a couple of questions (1) Is this document specific to the TSB conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your TSB conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to TSB. This is solely used to protect TSB if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of TSB had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is there a reason why leasehold purchase conveyancing in Bromley is more expensive?
In summary, leasehold conveyancing in Bromley and elsewhere usually necessitates more due diligence compared to freehold transactions. This includes lease investigation, corresponding with the landlord about serving appropriate notices, securing current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We wanted to use a property lawyer in Bromley for our house move. Our broker has since notified us that our bank Godiva Mortgages Ltd won't deal with them. Surely this is unfair competition?
Banks ordinarily imposes restrictions either the type or the volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the type of firm, some have limited the number of firms they permit to act for them. You should note that Godiva Mortgages Ltd have no responsibility for the quality of advice provided by any member of Godiva Mortgages Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there remains differing views concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Bromley only carry out a couple conveyances a year.
About to purchase a new build apartment in Bromley. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bromley
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Forfeiture - bankruptcy or liquidation must not apply under this provision. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Bromley is where the house is located. Is there any guidance you can give?
Flying freeholds in Bromley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bromley you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bromley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.