My partner and I are looking to purchase a property in Greenwich and have instructed a Greenwich conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this afternoon contacted us to advise us that there is now an issue as our Greenwich conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Greenwich lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Due to complete my purchase in Greenwich next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the lender expect the insurance to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in Greenwich.
I need some fast conveyancing in Greenwich as I have pressure to complete inside one month. A home loan is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not obtaining a home loan you are at free not to do searches although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Greenwich the following are instances of what can arise and adversely impact market value: Enforcement Actions, Outstanding Fees, Outstanding Grants, Unadopted Roads,...
We're FTB’s - agreed a price, but the estate agent advised that the seller will only move forward if we appoint their chosen conveyancers as they are insisting on a ‘quick sale’. Our preferred option is to instruct a family solicitor used to conveyancing in Greenwich
It is highly unlikely the sellers are behind this. Should the seller require ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Speak to the vendors direct and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you intend to instruct your own,trusted Greenwich conveyancing lawyers - not the ones that will provide the estate agent a referral fee or achieve conveyancing targets demanded by senior management.
I’m about to sell my basement flat in Greenwich. Conveyancing lawyers have not yet been instructed, but I have recently received a half-yearly service charge demand – should I leave it to the buyer to sort out?
It best that you pay the invoice as usual given that all ground rent and service invoices should be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Greenwich conveyancing firm to help?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension matter before the tribunal for a Greenwich property is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case related to 2 flats. The unexpired term was 72 years.
Midway through the sale of a leasehold flat in Greenwich. Conveyancing solicitors are doing their job but we are being charged an extortionate amount from the landlord. To date we have issued a cheque for £250 for a leasehold management information and then another £200 plus VAT for supplemental queries supplied by the purchaser's property lawyer.
Your property lawyer will unlikely have any sway over the level of the charges for this information but the typical fee for the information for Greenwich leasehold property is £380. For Greenwich conveyancing deals it is conventional for the vendor to cover the charges. The landlord or their agents are not duty bound to answer these questions most will be willing to do so - albeit often at exorbitant prices disproportionate to the work involved. Unfortunately there is no statute that mandates capped fees for administrative tasks. There is no legal time frame by which they are obliged to issue answers.