I am progressing with the sale of my house in Chalfont St Peter and the estate agent has just telephoned to say that the purchasers are changing their solicitor. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Chalfont St Peter ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud as the reason for the pruning – 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. Your buyers are unlikely to have any sway in the decision.
Due to move into my new home in Chalfont St Peter next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not unique to conveyancing in Chalfont St Peter.
I am helping my sister sell her property in Chalfont St Peter. Will the solicitor commission an EPC or do I organise this?
After the abolition of HIPs, energy performance certificates was retained a mandatory element of selling a property. An energy performance certificate should be to hand in advance of the property being put on the market. It is not something that lawyers normally arrange. If you are using a Chalfont St Peter conveyancing lawyer they might help arrange energy assessments due to their relationships with reputable local accredited person
I am purchasing a property in Chalfont St Peter. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that you are obtaining a mortgage with Yorkshire BS your lawyer must check the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Yorkshire BS where a lease fails to comply with these requirements. The provisions relate to the installation of panels on properties nationwide and is not restricted to Chalfont St Peter.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Chalfont St Peter solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Chalfont St Peter postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Chalfont St Peter.
Are there restrictive covenants that are commonly picked up during conveyancing in Chalfont St Peter?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Chalfont St Peter. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I want to sublet my leasehold apartment in Chalfont St Peter. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A lease dictates the relationship between the freeholder and you the leaseholder; specifically, it will indicate if subletting is banned, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Chalfont St Peter do not contain subletting altogether – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly sending a duplicate of the tenancy agreement.
I own a ground floor flat in Chalfont St Peter. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
You certainly can. We are happy to put you in touch with a Chalfont St Peter conveyancing firm who can help.
An example of a Lease Extension decision for a Chalfont St Peter property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The remaining number of years on the lease was 71 years.
My partner and I have an offer in principle from The Mortgage Works who have advised that they will lend up to £350k. When do we need to instruct a practitioner for conveyancing? Chalfont St Peter is where we plan to move to.
You can appoint a conveyancer now requesting that they create a file on your behalf. This will kickstart: 1) the selling agent to send out the Sales Memo to the relevant parties 2) the seller’s conveyancing practitioner to send out the draft paperwork. That being said, do not ask your solicitor to order searches until you have your valuation report from The Mortgage Works and you are content to move forward.