Me and my fiance are purchasing a 3 bedroom flat in Crystal Palace with a mortgage. We have a Crystal Palace lawyer, but the bank says he's not on their "panel". We have to appoint one of the bank panel solicitors or retain our Crystal Palace property lawyer and pay for one of their panel firms to act for them. This feels very unfair; are we not able to demand that the mortgage company use our Crystal Palace conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Crystal Palace conveyancing solicitor to apply to be on the conveyancing panel.
How does conveyancing in Crystal Palace differ for newly converted properties?
Most buyers of new build premises in Crystal Palace approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Crystal Palace typically purchase the real estate, 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 property lawyers 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 Crystal Palace or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Crystal Palace is where the house is located. Is there any guidance you can impart?
Flying freeholds in Crystal Palace are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Crystal Palace you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crystal Palace 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 property.
I have been advised by a number of property agents in Crystal Palace to select a property lawyer on your site. Is there a financial inducement for Estate Agents to offer your lawyers ahead of a competitor’s?
We refuse to make any referral fee for pointing buyers and sellers in our direction. We thought it would be too underhand a fee as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My husband and I are four weeks into a residential purchase having been directed to a firm by the estate agent to handle our conveyancing in Crystal Palace. I am am extremely disappointed with the level of service. Could you you assist me in finding new solicitors?
A lawyer would have to be very poor in order to consider diss instructing them. Has your mortgage been sent? If so you will need to inform them of the new contact details and have the loan are re-issued. The conveyancer needs to be on the mortgage company approved list to avoid added charges and delays. So that should be your first question of the new lawyers. The find a solicitor tool should assist you in finding a lender approved solicitor for your conveyancing in Crystal Palace
I am a negotiator for a reputable estate agency in Crystal Palace where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Crystal Palace conveyancing firms. Can you shed some light as to whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible 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 purchaser.
I inherited a two-bedroom flat in Crystal Palace. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
if there is a missing landlord or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the price payable.
An example of a Lease Extension matter before the tribunal for a Crystal Palace property is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case related to 1 flat. The unexpired residue of the current lease was 72.04 years.