Unfortunately I am unable to travel far from Smithfield. I would like to know the reason why all Smithfield solicitors aren't automatically on all lender panels?
Before the recession most lenders had an approach to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. As a result, mortgage companies have subsequently looked to extract more information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves removed from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum volume of transactions the mortgage companies required.
My grandson is buying a new build apartment in Smithfield with a mortgage from Kent Reliance. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My stepmother informed me that in purchasing a property in Smithfield there may be various restrictions preventing external alterations to the property. Is this right?
There are a number of properties in Smithfield which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Smithfield should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I had a mortgage agreed in principle with Nottingham. Smithfield conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham completed the survey? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Coventry BS have agreed my home loan in principle, my offer on a property in Smithfield has been accepted, what happens next?
Your estate agent will need to know who your solicitors are (make sure the lawyers are on the bank’s panel). Telephone Coventry BS or your broker and complete any appropriate forms. Coventry BS will sellect a valuer who will get in touch with the estate agent or seller to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Coventry BS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Smithfield.
Will my lawyer be making enquiries about flooding as part of the conveyancing in Smithfield.
Flooding is a growing risk for conveyancers specialising in conveyancing in Smithfield. There are those who purchase a property in Smithfield, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Smithfield. The conventional set of property information forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out whether the property has ever been flooded. If flooding has previously occurred which is not disclosed by the seller, then a buyer may issue a legal claim for losses resulting from an incorrect reply. A purchaser’s conveyancers may also order an environmental search. This will higlight whether there is any known flood risk. If so, further investigations should be initiated.
The deeds to our house are lost. The solicitors who conducted the conveyancing in Smithfield 10 years ago are no longer around. What are my next steps?
Gone are the days when you need to hold title deeds to establish that you are the registered proprietor of land or premises, as the Land Registry have everything they need in a digital format.
Do you have any top tips for leasehold conveyancing in Smithfield from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Smithfield can be reduced if you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. If you are supposed to have a share in the freehold, you should make sure that you hold the original share certificate. Obtaining a replacement share certificate can be a time consuming process and slows down many a Smithfield conveyancing transaction. Where a reissued share is required, you should approach the company officers or managing agents (where relevant) for this at the earliest opportunity. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled. Some Smithfield leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
I inherited a studio flat in Smithfield, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Smithfield with over 90 years remaining are worth £191,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2078
With only 53 years left to run the likely cost is going to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.