I am not well enough to travel far from Homerton. Can you please clarify why all Homerton conveyancers are not on all lender panels?
Banks tend to restrict either the nature or the number of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that the organisation must have at least two partners. In addition to restricting the type of firm, some banks made a decision to limit the size of their panel they allow to represent them. It is worth noting that mortgage companies have no accountability for the standard of conveyancing provided by any Homerton conveyancer on their panel. Increases in mortgage fraud was the primary trigger for the reduction of conveyancing panels a few years ago even though there are contrary views concerning whether solicitors sat at the center of that fraud. Data published by HMLR exposes that thousands of law practices only carry out a couple of conveyances annually. Those advocating conveyancing panel pruning question why law firms deserve any entitlement to remain on a lender panel when clearly property law is not their speciality?
My wife and I are nearing an exchange on a property in Homerton and my mum and dad have transferred the 10% deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for this now to be an issue?
Your property lawyer is legally required to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Can you clarify what the consequences are if my solicitor is suspended from the Skipton Solicitor panel ahead of completing my conveyancing in Homerton?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Homerton I like with a park and railway links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Homerton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
My brother has encouraged me to appoint his conveyancing solicitors in Homerton. Do I follow his recommendation?
Much as we are happy to recommend a Homerton conveyancing lawyer the ideal way to find a conveyancing lawyer is to seek referrals from friends or relatives who have actually used the solicitor you're are thinking of instructing.
My wife and I purchased a leasehold flat in Homerton. Conveyancing and Platform Home Loans Ltd mortgage went though with no issue. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Homerton who previously acted has long since retired. Any advice?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to instruct a Homerton conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
We have reached the end of our tether in trying to purchase the freehold in Homerton. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the price.
An example of a Freehold Enfranchisement case for a Homerton property is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case was in relation to 10 flats. The unexpired residue of the current lease was 71.25 years.