I am one month into the sale of my ground floor flat in Streatham and the estate agent has just text me to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with certain law firms rather the firm that they want to select for their conveyancing in Streatham ?
Lenders 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 reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. The purchasers are not going to have any sway in the decision.
Will commercial conveyancing searches reveal proposed roadworks that could impact a commercial site in Streatham?
Many commercial conveyancing solicitors in Streatham will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Streatham. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Streatham.
For every commercial conveyancing transaction in Streatham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Streatham commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Streatham.
Just had an offer accepted on a new build flat in Streatham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Streatham
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Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I opted to have a survey done on a house in Streatham in advance of instructing lawyers. I have been told that there is a flying freehold element to the house. The surveyor has said that some lenders tend refuse to give a mortgage on this type of home.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Streatham. Conveyancing may be slightly more expensive based on your lender's requirements.
I today plan to offer on a house that seems to be perfect, at a great figure which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Streatham. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the implications of buying a leasehold house in Streatham ?
Most houses in Streatham are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. We note that you are buying in Streatham so you should seriously consider shopping around for a Streatham conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Streatham. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the price.
An example of a Lease Extension decision for a Streatham property is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case was in relation to 1 flat. The unexpired residue of the current lease was 23.25 years.
What tools are available to find a Streatham conveyancing solicitor on the lender conveyancing panel? I have a car and am prepared to travel up to 20miles to meet the solicitor.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Streatham and you will see a number of lawyer located nearest Streatham. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.