Unfortunately I am unable to travel far from Chipstead. Can you please explain the reason why all Chipstead property lawyers are not on all bank panels?
Before the recession most lenders had an attitude to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into fraud which concluded: know the solicitors on your panel. Consequently, banks have subsequently looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the mortgage companies insisted on.
Completed the sale of my flat in Chipstead last July but our buyer keeps calling daily to say his conveyancer is waiting to hear from mine. What should have happened following completion?
Post completion of your house sale your conveyancer should send the transfer deeds and all of the paperwork to the purchaser's lawyers. If applicable, your solicitor must also evidence that the legal charge in favour of the lender has been discharged to the purchasers solicitors. There are no post completion procedures unique to conveyancing in Chipstead.
Is it the case that all Chipstead CQS (Conveyancing Quality Scheme) solicitors are on the Skipton conveyancing list of approved firms?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We had instructed conveyancing lawyers locally in Chipstead on the HSBC solicitor approved list. They have just invoiced me a separate fee for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
As unfair as it may seem, as long as it’s in their Terms of Engagement or Quote then yes your conveyancing practitioner can levy a fee for this. The charge is not dictated by HSBC but by your Chipstead property lawyer. Numerous firms on the HSBC panel will levy an ‘acting for lender’ fee but plenty of practices incorporate it on their overall fee.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Chipstead building society branch on numerous occasions and was told it wasn't a problem and they would lend. My Chipstead conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. I simply don't know who is right.
The lawyer must comply with the Council of Mortgage Lenders’ Handbook section two requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Chipstead differ for newly converted properties?
Most buyers of new build residence in Chipstead contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Chipstead typically buy the site, 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 conveyancers 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 accustomed to new build conveyancing in Chipstead or who has acted in the same development.
What does commercial conveyancing in Chipstead cover?
Commercial conveyancing in Chipstead incorporates a broad array of advice, offered by regulated solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I work for a long established estate agent office in Chipstead where we have experienced a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Chipstead conveyancing solicitors. Please can you confirm whether the seller of a flat can start the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
I am the proprietor of a first floor flat in Chipstead. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
if there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to judgment on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Chipstead premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The number of years remaining on the existing lease(s) was 75 years.