I am selling my flat in Norbury and the estate agent has just called to warn that the purchasers are appointing a new solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a major mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Norbury ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies point to the increase in fraud by way of justification 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 says 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. Your purchasers are not going to have any impact on this.
We are purchasing a new build duplex in Norbury and my solicitor is advising me that she has to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased my home on 7 August and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Norbury expressed confidence that it should be dealt with in a couple of weeks. Are transfers in Norbury uniquely lengthy to register?
There is nothing unique about conveyancing in Norbury registration formalities. Rather than based on location, timescales can adjust according to the party submitting the application, whether there are errors and whether the Land registry communicate with any third parties. As of today approximately three quarters of submission are fully addressed in less than three weeks but some can be subject to extensive delays. Registration is effected after the new owner has moved in to the property therefore registration formalities is not always an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
Just had an offer accepted on a new build flat in Norbury. Conveyancing is daunting 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.
Here are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Norbury
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a flat up to £195,000 and found one close by in Norbury I like with open areas and station nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Norbury for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Last June I purchased a leasehold property in Norbury. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have tried to negotiate informally with with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Norbury conveyancing firm to represent me?
if there is a absentee landlord or where 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 First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Lease Extension decision for a Norbury premises is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case affected 1 flat. The remaining number of years on the lease was 23.25 years.