Our lawyer has uncovered a a legal deficiency with the lease for the property we are buying in Bromley. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
We previously instructed solicitors with offices in Bromley on the TSB solicitor approved list. They are now charging me a further amount for handling the TSB mortgage. Is this an additional conveyancing fee set by TSB?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your conveyancer can levy a fee for this. This fee is not set by TSB but by your Bromley property lawyer. Some firms on the TSB panel will levy an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
I am currently in the process of buying my council flat in Bromley. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Completion of my remortgage has taken place for my property in Bromley. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I need some expedited conveyancing in Bromley as I have a deadline to sign on the dotted line in less than 2 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to do searches although no lawyer would advise that you don't. With plenty of history conveyancing in Bromley the following are instances of what can appear and therefore impact market value: Enforcement Notices, Overdue Charges, Overdue Grants, Road Schemes,...
I've recently found out that there is a flying freehold element on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Bromley is the location of the property. Can you shed any light on this issue?
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 must be sure that your lawyer goes 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 decide 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.
Should I be suspicious that estate agents that I am dealing with are suggesting a national conveyancing firm rather than a High Street Bromley conveyancing practice?
As with many service providers, often input from relatives can be worth their weight in gold. Nevertheless there are numerous players in a conveyancing transaction; estate agents, financial adviser and banks might all recommend conveyancers to retain. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the endorsement. You are at liberty to select your own lawyer. Don't forget that the majority of lenders operate an approved list of lawyers you are obliged to use for the mortgage related work in your home move.
Last November I purchased a leasehold house in Bromley. Am I liable to pay service charges relating to a period prior to my ownership?
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 be sure 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 tried to negotiate informally with with my landlord for a lease extension without success. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Bromley conveyancing firm to assist?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the price payable.
An example of a Freehold Enfranchisement case for a Bromley premises 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.