Please help. My Tooting solicitor is assuring me that he has toorder Tooting conveyancing searches becausethe firm are on the HSBCconveyancing panel. Is this really necessary?
You have limited options available to you. As you are taking a home loan with a bank your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Tooting conveyancing searches.
Can I use your services to find a Conveyancing solicitor in Tooting even where I’m not buying or disposing of a house, for example if I intend to acquire a shop in Tooting with a mortgage from Coventry Building Society?
Our search tool is primarily there to help choose domestic conveyancing solicitors in Tooting but we have set out towards the bottom of this page a few Tooting commercial conveyancing firms. You should enquire with the company directly to see if they can also act for Coventry Building Society
I happen to be the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Tooting. Conveyancing formalities meant that the Land Registry date was in November. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the property in November. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the bank as this provision is principally there to pick up on the purchase and immediately sell or the quick reselling of property.
I can not work out if my bank requires a lease extension. I have called my Tooting bank branch on various occasions and was informed it wasn't a problem and they will lend. My Tooting conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend in accordance with their published requirements. I have no idea who is right.
As long as the conveyancer is on the lender panel, she or he must adhere to the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Nationwide have agreed my mortgage in principle, my bid on a house in Tooting has been accepted, what are the next steps?
The estate agent will wish to be informed of your property lawyer's details (be sure the conveyancing practitioners are on the lender’s panel). Contact Nationwide or the broker and complete any relevant paperwork. Nationwide will instruct a valuer who will get in touch with the selling agent or vendor to arrange a time for the valuation to occur. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. Nationwide will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Tooting.
How does conveyancing in Tooting differ for newly converted properties?
Most buyers of new build premises in Tooting contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is built. This is because builders in Tooting typically acquire the land, 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 conveyancing solicitors 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 Tooting or who has acted in the same development.
I opted to have a survey carried out on a property in Tooting before retaining conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks will refuse to grant a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Tooting. Conveyancing may be slightly more expensive based on your lender's requirements.
How does the Landlord & Tenant Act 1954 impact my business property in Tooting and how can you help?
The 1954 Act gives security of tenure to business tenants, giving them the a statutory right to apply to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Tooting is one of the many areas of the UK in which the firms we work with have offices