I am only a couple days away from an exchange on a house in Lewisham and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your conveyancing practitioner is duty bound 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. Your solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
As someone not used to the Lewisham conveyancing process what’s the number one tip you can impart for the house moving process in Lewisham
You may not hear this from too many lawyers but conveyancing in Lewisham or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists lots of opportunity for friction between you and other parties involved in the legal transfer of property. E.g., the vendor, property agent and sometimes a lender. Choosing a law firm for your conveyancing in Lewisham is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to look after your legal interests and to protect you.
There is a definite ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. We recommend that you your first instinct should be to trust your solicitor ahead of the other parties in the conveyancing process.
I had intended to instruct a property lawyer in Lewisham for our house move. Our financial adviser has since advised us that our bank Nationwide Building Society won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Lewisham conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Lewisham conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Lewisham is amongst the numerous areas where the lawyers showing on our search results are are approved Nationwide Building Society.
My lawyer has informed me that absentee landlord insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Lewisham?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Halifax and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
We are getting a further advance on our home loan from TSB as we intend to carry out alterations to our property in Lewisham. Are we obliged to select a high street Lewisham solicitor on the TSB conveyancing panel to handle the paperwork?
TSB don't usually appoint firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
I can not work out if my lender requires a lease extension. I have telephoned my Lewisham bank branch on a couple of occasions and was told it wasn't a problem and they will lend. My Lewisham conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
The conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am buying a new build apartment in Lewisham. Conveyancing is necessary evil 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 is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Lewisham
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Lewisham conveyancing firm to act on my behalf?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Lease Extension case for a Lewisham residence 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 affected 2 flats. The unexpired term as at the valuation date was 72 years.
What are the frequently found problems that you come across in leases for Lewisham properties?
Leasehold conveyancing in Lewisham is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall A duty to insure the building
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.