I am selling my flat in Catford and the estate agent has just e-mailed to advise that the purchasers are switching solicitor. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a major mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Catford ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
Can you help? My Catford solicitor is informing me me that he has toapply for Catford conveyancing searches stemming from the fact thatthe firm are on the HSBCsolicitor panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Catford conveyancing searches.
I got the keys to my house on 2 June and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in Catford said it would be formalised in a couple of weeks. Are titles in Catford uniquely lengthy to register?
As far as conveyancing in Catford is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can vary subject to the party submitting the application, whether there are errors and whether the Land registry must send notices to any third persons or bodies. Currently approximately three quarters of submission are fully addressed in less than three weeks but some can be subject to extensive hold-ups. Registration is effected once the new owner is living at the property so an expedited registration is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Catford is where the house is located. What do you suggest?
Flying freeholds in Catford are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Catford you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Catford 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 residence.
Am I best advised to choose a Catford conveyancing lawyer who is local to the property I am buying? I have an old university friend who can handle the conveyancing but her office is 200kilometers away.
The primary upside of using a high street Catford conveyancing firm is that you can attend the office to sign paperwork, hand in your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were happy that should trump using an unknown Catford conveyancing lawyer solely due to them being Catford based.
I am a negotiator for a long established estate agent office in Catford where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Catford conveyancing firms. Please can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
My wife and I have hit a brick wall in trying to reach an agreement for a lease extension in Catford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We can put you in touch with a Catford conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Catford property is 44 Elmer Road in January 2013. The Tribunal dacied that amount to be paid by the Leaseholders for the Landlords freehold reversion was £12,951 as at the valuation date (20" September 2012).This matter was referred back to the Bromley County Court to deal with costs, fees and any other outstanding matters. This case related to 2 flats. The remaining number of years on the lease was 74.25 years.