I am in the process of selling my flat in Mottingham and the estate agent has just text me to warn that the purchasers are changing their property lawyer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to choose for their conveyancing in Mottingham ?
Lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.
I own a freehold residence in Mottingham yet invoiced for rent, why is this and what is this?
It is rare for properties in Mottingham and has limited impact for conveyancing in Mottingham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Do commercial conveyancing searches reveal planned roadworks that may affect a commercial property in Mottingham?
Its becoming the norm that commercial conveyancing solicitors in Mottingham will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Mottingham. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Mottingham.
For each commercial conveyancing transaction in Mottingham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to Mottingham commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Mottingham.
How does conveyancing in Mottingham differ for newly converted properties?
Most buyers of new build premises in Mottingham approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Mottingham typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Mottingham or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Mottingham in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some banks will refuse to give a mortgage on such a house.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Mottingham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Mottingham to see if the conveyancing will be more expensive.
The financial adviser has recommended their lawyer for the conveyancing in Mottingham - Surely it’s better to just use them?
It is worth checking if the selling agent is recommending a lawyer or introducing to a property lawyer. There are plenty of Mottingham estate agents who recommend two or three Mottingham conveyancing firms and get nothing from it.