My partner and I are looking to acquire a home in Cheam and have appointed a Cheam conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Alliance & Leicester have this evening contacted us to inform me that there is now an issue as our Cheam solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Cheam lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would much rather appoint a Cheam based conveyancing firm?
Do check but the chances are that appoint one of their panel conveyancers if you want the "fee-free" deal. Call the bank to see if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor in Cheam.
I opted to have a survey carried out on a house in Cheam in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies tend not give a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cheam. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I identify a Cheam solicitor on the Virgin Money conveyancing panel? I have wheels and am prepared to travel upto 25miles to meet the lawyer.
You can use the facility on this website. Please pick a mortgage company and your location and you will see a number of Cheam conveyancing lawyers locally. We have listed some Cheam conveyancing firms towards the end of this page and you can contact them to see if they are on the Virgin Money panel
Back In 2001, I bought a leasehold house in Cheam. Conveyancing and Accord Mortgages Ltd mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Cheam who acted for me is not around. Any advice?
First make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to incur the fees of a Cheam conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I am the leaseholder of a ground floor flat in Cheam. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
You certainly can. We can put you in touch with a Cheam conveyancing firm who can help.
An example of a Lease Extension case for a Cheam residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The remaining number of years on the lease was 60.43 years.
The estate agent has suggested using their property lawyer for our conveyancing in Cheam - Is it not simpler easier to just use them?
You need to establish if the selling agent is recommending a conveyancer or introducing to a conveyancing practitioner. There are plenty of Cheam selling agents who recommend two or three Cheam conveyancing firms purely based on those lawyers offering a great service.