I am progressing with the sale of my maisonette in St Paul's Cray and the EA has just called to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in St Paul's Cray ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are not going to have any impact on this.
Can your site be used to locate a Conveyancing solicitor in St Paul's Cray even where I’m not purchasing or disposing of a house, for example if I want to buy an office in St Paul's Cray with a mortgage from TSB?
The service is mainly there to get a quote from residential conveyancing solicitors in St Paul's Cray but we have set out towards the bottom of this page a selection of St Paul's Cray commercial conveyancing firms. You will need to enquire with the company directly to check if they can also act for TSB
I am close to exchanging contracts on the sale of our house in St Paul's Cray and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street St Paul's Cray conveyancer would know this is not the case. It does beg the question why the buyers used a factory type conveyancing practice rather than a conveyancing solicitor in St Paul's Cray. We have lived in St Paul's Cray for 4 years we know of no issue. Do we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in St Paul's Cray differ for newly converted properties?
Most buyers of new build property in St Paul's Cray come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in St Paul's Cray typically acquire 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 conveyancers 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 used to new build conveyancing in St Paul's Cray or who has acted in the same development.
I have been pointed in your direction by three or four local estate agents in St Paul's Cray to locate a conveyancer on your site. What’s the financial inducement for Estate Agents to recommend your site rather than a competitor’s?
We refuse to give any financial incentive for pointing buyers and sellers our way. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I own a two-bedroom flat in St Paul's Cray. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Absolutely. We can put you in touch with a St Paul's Cray conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St Paul's Cray premises is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.
What makes a St Paul's Cray lease problematic?
There is nothing unique about leasehold conveyancing in St Paul's Cray. All leases are unique and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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Insurance obligations
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.