Is the fact that my conveyancer in Bromley is not listed on my lender's solicitor panel that there is a problem with the quality of his conveyancing?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Bromley conveyancing practice and ask them why they are no longer on the approved list for your bank.
My partner and I have just bought a house in Bromley. We have noticed several issues with the property which we believe were omitted in the conveyancing searches. Do we have any recourse? What searches should? have been carried out for conveyancing in Bromley?
It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Bromley. Conveyancing searches and due diligence undertaken as part of the buying process are designed to help avoid problems. As part of the process, a property owner completes a document known as a SPIF. answers turns out to be incorrect, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Bromley.
How does conveyancing in Bromley differ for new build properties?
Most buyers of new build premises in Bromley come to us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Bromley typically acquire the land, 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 conveyancing solicitors 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 used to new build conveyancing in Bromley or who has acted in the same development.
I am looking for a flat up to £195,000 and found one round the corner in Bromley I like with amenity areas and transport links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Bromley suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises 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 consult your conveyancing lawyer regarding this.
I’m about to sell my basement flat in Bromley. Conveyancing is yet to be initiated, however I have recently received a quarterly service charge invoice – what should I do?
The sensible thing to do is clear the maintenance contribution as normal given that all ground rent and maintenance charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Following months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Bromley. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Bromley conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Bromley residence is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
Is there a reason that Bromley conveyancing costs are more expensive for leasehold and freehold properties?
There is always increased work required in leasehold conveyancing. Bromley has many leasehold properties. There is more paperwork 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.