My husband and I are looking to buy a house in South East London and are in fact using a South East London conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barnsley Building Society have this afternoon contacted us to inform me that there is now an issue as our South East London lawyer is not on their conveyancing panel. Please explain?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred South East London lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My solicitor has uncovered a defect with the lease for the flat we are buying in South East London. The seller’s lawyers have suggested title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Are we the client or is the mortgage company ?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in South East London I like with a park and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in South East London for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I was recommended by a couple of local estate agents in South East London to choose a solicitor on your site. What’s the financial inducement for Estate Agents to recommend your lawyers over and above another?
We refuse to give any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am a couple of weeks into a residential purchase having been directed to conveyancers by the high street agent to handle our conveyancing in South East London. I am not happy. Could you help me find new solicitors?
They would have to be very bad to suggest diss instructing them. Has the loan offer been issued? In the event that it has you must inform them of the replacement solicitor and have the offer are issued to the new lawyers. Your solicitor ideally needs to be on the mortgage company panel to avoid supplemental charges and delays. So that should be your first question of the new lawyers. The search tool will help you find a lender approved lawyer for your home move in South East London
Completion is due on the disposal of our £350,000 flat in South East London in just under a week. The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in South East London?
South East London conveyancing on leasehold apartments nine out of ten times involves fees being invoiced by landlords agents :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in South East London
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
We have reached the end of our tether in trying to reach an agreement for a lease extension in South East London. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a South East London conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a South East London premises is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.