My solicitor has identified a a problem with the lease for the flat we are purchasing in Deptford. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the bank?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender provisions have to be complied with.
When it comes to mortgage companies such as Virgin Money, do Deptford lawyers incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I had a mortgage agreed in principle with Lloyds. Deptford conveyancing solicitors were instructed. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds done the valuation? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am selling my apartment. I had a double glazing fitted in March 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Clydesdale are being pedantic. The Deptford solicitor who is on the Clydesdale conveyancing panel is saying indemnity insurance will be fine but Clydesdale are insisting on a building regulation certificate. Why do Clydesdale have a conveyancing panel if they don't accept advice from them?
It is probably the case that Clydesdale have referred the matter to their valuer. The reason why Clydesdale may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing my first flat in Deptford with a loan from Norwich and Peterborough Building Society. The builders would not move on the amount so I negotiated 6k of additionals instead. The property agent advised me not disclose to my conveyancer about this side-deal as it may adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey carried out on a property in Deptford before appointing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor advised that some lenders tend not grant a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Deptford. Conveyancing will be smoother if you use a solicitor in Deptford especially if they are accustomed to such properties in Deptford.
Hoping to buy a property located in Deptford and I am already nervous. I couldn't find anything specific about Deptford. Conveyancing will be needed in due course but do you know about the Deptford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Deptford. In the meantime here are some basic statistics that we found
I am a negotiator for a reputable estate agent office in Deptford where we have witnessed a few flat sales jeopardised as a result of short leases. I have been given conflicting advice from local Deptford conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence 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 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 for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
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 purchaser.
I have given up trying to purchase the freehold in Deptford. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We can put you in touch with a Deptford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Deptford residence is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case was in relation to 3 flats. The unexpired lease term was 80.01 years.