Unfortunately I am unable to travel far from South Croydon. Is there a reason why all South Croydon conveyancers aren't included on all lender panels?
Pre- 2008 most banks demonstrated an approach to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into mortgage fraud which concluded: know the solicitors on your panel. As a result, mortgage companies have subsequently requiredmore data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum volume of transactions the mortgage companies set.
I can see plenty of information on this site about conveyancing in South Croydon but what is your top tip for appointing the right conveyancer in South Croydon
Do not opt for the lowest South Croydon conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Is there a list of Kent Reliance panel conveyancers in South Croydon on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of mortgage companies make their panel listings available online. Where you are seeking to appoint a South Croydon solicitor on the Kent Reliance please use our tool.
My wife and I are at the point of looking at houses in South Croydon and I am about to put in an offer. Is it best to have my conveyancer on ‘stand by’? I will be getting a home loan with Coventry BS.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are taking out a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
Various web forums that I have come across warn that are a common cause of stalling in South Croydon house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in South Croydon.
Are there restrictive covenants that are commonly identified as part of conveyancing in South Croydon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in South Croydon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in South Croydon differ for newly converted properties?
Most buyers of new build premises in South Croydon contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in South Croydon usually 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 accustomed to new build conveyancing in South Croydon or who has acted in the same development.
I am tempted by the attractive purchase price for a couple of maisonettes in South Croydon which have in the region of 50 years left on the lease term. Do I need to be concerned?
There are plenty of short leases in South Croydon. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease reduces and it becomes more costly to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.
We have reached the end of our tether in trying to purchase the freehold in South Croydon. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to arrive at the sum to be paid.
An example of a Freehold Enfranchisement case for a South Croydon flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case related to 6 flats. The remaining number of years on the lease was 78.32 years.