I am selling my apartment in Eltham and the estate agent has just e-mailed to advise that the purchasers are swapping law firm. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a major lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Eltham ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 not going to have any impact on this.
I do hope you can assist me. My Eltham solicitor is assuring me that she is duty bound toorder Eltham conveyancing searches stemming from the fact thatthe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a bank your property lawyer has to comply with their conditions as set out in their version of the UK Finance Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Eltham conveyancing searches.
As someone unfamiliar with the Eltham conveyancing process what is the number one tip you can give me for the legal transfer of property in Eltham
You may not hear this from too many lawyers but conveyancing in Eltham and elsewhere in England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for friction between you and others involved in the transaction. For instance, the seller, estate agent and even potentially your lender. Appointing a lawyer for your conveyancing in Eltham is a critical decision as your conveyancer is your adviser, and is the SOLE party in the legal process whose responsibility is to protect your legal interests and to protect you.
Every so often a potential adversary will attempt to sway you that it is in your interests to do things their way. As an example, the property agent may claim to be assisting by suggesting your lawyer is slow. Or your financial adviser may advise you to do something that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I'm purchasing a new build house in Eltham benefiting from help to buy. The sellers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my conveyancer about the side-deal as it will affect my mortgage with Barclays . Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance 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.
Do you have any top tips for leasehold conveyancing in Eltham with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Eltham can be reduced if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ lawyers. You may think that you are aware of the number of years remaining on your lease but it would be wise to verify this by asking your lawyers. A purchaser's lawyer will not be happy to advise their client to to exchange contracts if the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should make sure that you are holding the original share document. Obtaining a re-issued share certificate is often a lengthy process and slows down many a Eltham home move. Where a new share certificate is required, do contact the company officers or managing agents (where relevant) for this as soon as possible. In the event that you altered the property did you need the Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Eltham state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such works. If you fail to have the consents in place do not communicate with the landlord without contacting your solicitor in advance.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Eltham. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension case for a Eltham flat is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.
Developers have suggested I use a solicitor and I've received a quote from them. It's almost £400 cheaper than my local Eltham solicitor. What's the catch?
Housebuilders normally have lists of conveyancers who expedite matters and who know the seller’s paperwork and conveyancer. As many developers offer an incentive to choose a preferred solicitor for this reason, any increased charges can be avoided and a developer won't recommend a conveyancing factory and run the risk of having the transaction stall when they require an exchange within a tight deadline. A counter-argument for not agreeing to use the suggested conveyancer is that they may be hesitant to fight for your interests at the risk of alienating the housebuilder. Where you have concerns that this may be the situation you should remain with your local Eltham conveyancing practitioner.