At what point does exchange of contracts take place for residential conveyancing in Mitcham and am I required to be at the lawyers office?
If you are near to one of the conveyancing solicitors in Mitcham you are welcome to attend to sign the paperwork. That being said, the firms we work with supply a countrywide conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you digitally. The signing of the sale agreement is not the point of no return. Signing on the dotted line is necessary for the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Mitcham)to be in the office at the appropriate time.
What happens if my lawyer’s firm is removed from the Principality Conveyancing panel ahead of completing my conveyancing in Mitcham?
First, this is very unlikely to happen. 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 am buying a new build house in Mitcham benefiting from help to buy. The developers refused to budge the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not disclose to my lawyer about the deal as it may adversely affect my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Mitcham I like with amenity areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Mitcham for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be problematic. 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 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I work for a busy estate agent office in Mitcham where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Mitcham conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Mitcham conveyancing firm to assist?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the price.
An example of a Freehold Enfranchisement case for a Mitcham premises is 50 & 52 Southcroft Road in September 2013. The tribunals own valuation determined that the premium payable should be £29,000 This case related to 2 flats. The remaining number of years on the lease was 86.11 and 60.64.
My husband and I are acquiring a garden flat in Mitcham. When we first instructed property lawyer, we were told they were on all mainstream mortgage company panels. Our financial adviser contacted us just now to advise that they don't seem to be on the Co-operative approved list. If it turns out to be true, what should we do? Do we just pick a different lawyer that is on their panel or do we pay for dual representation, with Co-operative appointing their own approved conveyancer.
Where you are purchasing a property with the assistance of a mortgage it is normal for the purchaser’s solicitors to also act for the mortgage company. In order to act for a bank or building society a lawyer has to be on that lender's conveyancing panel. An application has to be made by the conveyancing practitioner to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to fulfill. Some mortgage companies now insist their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your lawyer should call Co-operative to discover if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Co-operative's conveyancing panel as you are at liberty to use your preferred Mitcham lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.