I am 4 weeks into the sale of my flat in Plumstead and the EA has just called to say that the purchasers are swapping solicitor. The reason given is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Plumstead ?
Banks have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the pruning – 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 says it is being contacted daily by practices 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 unlikely to have any impact on this.
My husband and I swapping mortgage lender for our maisonette in Plumstead with Principality. We have a son 19 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two concerns (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Principality conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality. This is solely used to protect Principality if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
How does conveyancing in Plumstead differ for new build properties?
Most buyers of new build premises in Plumstead approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Plumstead usually buy the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Plumstead or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Plumstead is where the house is located. Can you shed any light on this issue?
Flying freeholds in Plumstead are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Plumstead you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Plumstead may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My business partner and I are looking to take over a lease of an office on a shopping parade. Can you recommend lawyers offering fixed charges for commercial conveyancing in Plumstead for below 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Plumstead, including the sale and acquisition of businesses as well as simply premises. If you are intending to buy or sell a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right lawyer. Regarding the costs this will depend on the structure and nuances of the proposed transaction. Let us have your contact information or call so as to enable us to furnish you with comprehensive commercial conveyancing quote.
Can you provide any advice for leasehold conveyancing in Plumstead with the aim of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Plumstead can be bypassed if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ conveyancers. If you have carried out any alterations to the property would they have required Landlord’s approval? In particular have you installed wooden flooring? Most leases in Plumstead state that internal structural changes or installing wooden flooring calls for a licence from the Landlord consenting to such changes. Where you fail to have the paperwork to hand do not communicate with the landlord without checking with your solicitor first. If you have had any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic rather than unresolved. A minority of Plumstead leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Plumstead conveyancing firm to act on my behalf?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to decide the amount due.
An example of a Lease Extension case for a Plumstead property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.