I am in the process of selling my house in Lambeth and the estate agent has just called to say that the buyers are appointing a new law firm. The excuse is that the lender will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Lambeth ?
Banks have always had panels of law firms they are willing to work with, but in the last few 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 25 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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. The buyers are unlikely to have any sway in the decision.
We just had an offer accepted to purchase with Loughborough BS. We have called around locally but am unable to find a Lambeth conveyancing firm on the Loughborough BS panel. Please you help?
You should take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the building society and type Lambeth or your location and you will discover numerous solicitors based in Lambeth or by proximity to you.
I am looking for a flat up to £245,000 and identified one close by in Lambeth I like with amenity areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Lambeth in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
How do I search for a Lambeth solicitor on the Yorkshire Building Society conveyancing panel? I am a keen cyclist and am willing to travel upto 25miles to meet the lawyer.
You can use the facility on this page. Please select a mortgage company and your location and you will see a number of Lambeth conveyancing lawyers locally. We have listed some Lambeth conveyancing firms towards the end of this page and you can ring them to verify if they are on the Yorkshire Building Society approved list
My father has suggested that I use his conveyancers in Lambeth. Should I find my own conveyancer?
Much as we are happy to recommend a Lambeth conveyancing lawyer the ideal way to select a conveyancing lawyer is to seek recommendations from friends or relatives who have experience in using the firm that you are contemplating using.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350,000 garden flat in Lambeth in seven days. The landlords agents has quoted £396 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Lambeth?
Lambeth conveyancing on leasehold maisonettes usually involves the purchaser’s lawyer sending questions for the landlord to address. Although the landlord is not legally bound to respond to such questions most will be willing to do so. They may levy a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average fee for the paperwork that you are referring to is £350, in some situations it is above £800. The management information fee required by the landlord must be accompanied by a summary of entitlements and obligations in relation to administration fees, otherwise the invoice is technically not due. Reality however dictates that you have no option but to pay whatever is requested of you if you want to sell the property.
I am the proprietor of a ground-floor 1950’s flat in Lambeth. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
if there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the premium.
An example of a Lease Extension matter before the tribunal for a Lambeth flat is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired term was 56 years.