I am purchasing property in Herne Hill. My Solicitor has never been on on the mortgage company solicitor panel. Am I still permitted to retain my Herne Hill conveyancing solicitor notwithstanding that they are excluded from the bank approved list?
You have a couple of choices open to you here
- Complete the deal with your chosen Herne Hill conveyancing practitioner but your lender will no doubt appoint a conveyancing practitioner on their conveyancing panel. This will result in additional cost together with likely delay.
- Get a new solicitor to act in the purchase, making sure they are on the bank conveyancing panel.
- Convince your conveyancer to seek to join the bank panel
The Herne Hill conveyancing firm handling our Herne Hill conveyancing has spotted a difference when comparing the surveyor’s assumptions in the valuation report and what is in the title deeds. My lawyer has advised that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I have been on the look out for a leasehold apartment up to £235,500 and identified one near me in Herne Hill I like with open areas and station in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Herne Hill in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
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I own a leasehold house in Herne Hill. Conveyancing and Virgin Money mortgage are in place. A letter has just been received from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Herne Hill who previously acted has long since retired. Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to incur the fees of a Herne Hill conveyancing lawyer to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Herne Hill conveyancing firm to represent me?
in cases where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Herne Hill property is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case related to 3 flats. The number of years remaining on the existing lease(s) was 72.58 years.
Our conveyancer in Herne Hill has discovered a defect with the lease for the property we are buying in Herne Hill. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.