My wife and I are getting closer to an exchange on a flat in Tulse Hill and my mum and dad have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to be an issue?
Your conveyancing practitioner is duty bound to check with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Me and my partner are buying a apartment in Tulse Hill. It might be a silly question but how we can trust a solicitor? At some point we will need to send our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
How can we tell if a Tulse Hill conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Tulse Hill obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the lawyer carrying out your conveyancing.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Tulse Hill bank branch on numerous occasions and was told they are content with the situation and they will lend. My Tulse Hill conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender panel, they must comply with the CML Handbook requirements 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 left on the lease.
How does conveyancing in Tulse Hill differ for newly converted properties?
Most buyers of new build residence in Tulse Hill contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Tulse Hill typically acquire the real estate, 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 accustomed to new build conveyancing in Tulse Hill or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Tulse Hill is the location of the property. Can you offer any advice?
Flying freeholds in Tulse Hill are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tulse Hill you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tulse Hill may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm remortgaging my current property to a buy to let mortgage with Godiva Mortgages Ltd and intend to use the remaining equity as a down payment on further property. The area we are talking about is Tulse Hill. Will your solicitors be able to act for the two banks and link together the two deals?
Make use of our comparison tool on this site to check that the lawyers are on the relevant lender panels. Having checked that they are your conveyancer will be able to connect the two conveyancing matters but you should have a chat with you lawyer and communicate your expectations and requirements.
I am looking at a two flats in Tulse Hill which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.
I own a a ground floor purpose built flat in Tulse Hill. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Freehold Enfranchisement decision for a Tulse Hill flat is 8 Deerbrook Road in May 2010. the Tribunal held that the enfranchisement price, in accordance with section 32 and Schedule 6 of the Leasehold Reform, Housing and Urban Development Act 1993 was £22,820, payable by the Applicants. By an order of the Lambeth County Court dated 17 June 2009 the case had been transferred to the Leasehold Valuation Tribunal for its determination of the premium payable This case was in relation to 3 flats.