I am in the process of selling my flat in Gipsy Hill and the EA has just text me to warn that the buyers are switching property lawyer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Gipsy Hill ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 own a freehold premises in Gipsy Hill yet invoiced for rent, why is this and what is this?
It is rare for properties in Gipsy Hill and has limited impact for conveyancing in Gipsy Hill but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What is the best way to discover of the solicitor handling my conveyancing in Gipsy Hill is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus spending £187.00 plus VAT in further conveyancing charges.
Please do take advantage of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type ‘Gipsy Hill’ or your location and you will discover numerous conveyancers offices in Gipsy Hill or near you.
What will a local search tell me regarding the house my wife and I purchasing in Gipsy Hill?
Gipsy Hill conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search plays an important part in many a Gipsy Hill conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Gipsy Hill. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Gipsy Hill
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Due to exchange soon on a leasehold property in Gipsy Hill. Conveyancing lawyers have said that they report fully tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Gipsy Hill should include some of the following:
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Responsibility to repair and maintain the block. It is important for you to know which party is responsible the repair and maintenance of all parts of the block and estate Changes to the property You should be informed what is to be regarded as a Nuisance as far as the lease is concerned Whether your lease provides for a slush fund? It needs to be made clear to you whether the lease allows you to alter or upgrade aspects of the flat- you must be made aware as to whether any restrictions relates to all alterations or just structural alteration, and whether licences for alterations is mandated necessary
My wife and I have hit a brick wall in trying to purchase the freehold in Gipsy Hill. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Gipsy Hill conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Gipsy Hill premises 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 term as at the valuation date was 72.04 years.