My fiance and I are hoping to buy a property in Merton and have appointed a Merton conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Birmingham Midshires have this evening contacted us to advise us that they have now hit a problem as our Merton conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. 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 solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Merton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
My partner and I have organised the release of further funds on our home loan from TSB as we intend to carry out alterations to our home in Merton. Do we need to choose a local Merton solicitor on the TSB conveyancing panel to deal with the legals?
TSB would not normally appoint firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB conveyancing panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Leeds Building Society are being difficult. The Merton solicitor who is on the Leeds Building Society conveyancing panel is saying indemnity insurance will be fine but Leeds Building Society are requiring a building regulation certificate. Why do Leeds Building Society have a conveyancing panel if they don't accept advice from them?
It is probably the case that Leeds Building Society have referred the matter to their valuer. The reason why Leeds Building Society may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
About to purchase maisonette in Merton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Merton lawyer is on the Virgin Money conveyancing panel.
I have a 4 bedroom Georgian property in Merton. Conveyancing practitioner acted for me and Santander. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the exact same address. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Merton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing solicitor who conducted the purchase.
I opted to have a survey carried out on a property in Merton before appointing solicitors. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks may not issue a mortgage on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Merton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Merton to see if the conveyancing costs will increase in light of this.
My partner has suggested that I appoint his lawyers for conveyancing in Merton. Should I find my own property lawyer?
There are no two ways about it the best way to choose a conveyancing solicitor is to seek feedback from friends or family who have actually used the firm you're considering.
I am attracted to a two apartments in Merton both have in the region of fifty years unexpired on the leases. should I be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this area.
Merton Leasehold Conveyancing - A selection of Queries before Purchasing
-
Plenty Merton leasehold properties will have a service charge for the upkeep of the building invoiced by the management company. Should you buy the property you will have to meet this charge, normally in instalments throughout the year. This could vary from several hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a rentcharge to be met annual, this is usually not a significant figure, say about £25-£75 but you need to check as sometimes it could be surprisingly expensive. The best form of lease arrangement is a share of the freehold. In this situation the leaseholders enjoy being in charge if their destiny and even though a managing agent is usually employed where the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.