I am in the process of selling my ground floor flat in Sutton and the EA has just telephoned to advise that the purchasers are switching property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Sutton ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say 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. Your buyers are unlikely to have any sway in the decision.
We are buying a new build flat in Sutton and my conveyancer is advising me that she is duty bound to the mortgage company to disclose incentives from the builder. I am under pressure to exchange contracts and I have no desire to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will commercial conveyancing searches reveal impending roadworks that may impact a commercial site in Sutton?
Many commercial conveyancing solicitors in Sutton will order a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Sutton. The search result sets out 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 Sutton.
For each commercial conveyancing transaction in Sutton it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Sutton commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Sutton.
I have been on the look out for a ground for flat up to £235,500 and found one near me in Sutton I like with open areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Sutton suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan that many years may be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I am a sole trader looking to take over a lease of a shop on a shopping parade. Can you recommend solicitors offering no-move-no charges for commercial conveyancing in Sutton for less than £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Sutton, including the disposal and purchase of businesses as well as simply property. If you are hoping to buy or lease a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right firm. Regarding the fees this will depend on the structure and complexity of the deal. Please provide us with your contact information or email us so that we may furnish you with a fixed commercial conveyancing calculation.
I work for a reputable estate agent office in Sutton where we have experienced a few leasehold sales derailed as a result of leases having less than 80 years remaining. I have received conflicting advice from local Sutton conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I own a first floor flat in Sutton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Sutton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Sutton property is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case affected 2 flats. The unexpired term as at the valuation date was 66.67 years.