I am one month into the sale of my ground floor flat in Warlingham and the EA has just called to warn that the purchasers are switching conveyancer. The reason given is that the bank will only deal with property lawyers on their approved list. On what basis would a leading lender only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Warlingham ?
Banks have always had panels of law firms that can act for 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 worked with them for over 25 years.
Lenders attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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 buyers are not going to have any sway in the decision.
Due to move into my new home in Warlingham next Monday. My solicitor now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Warlingham.
Are the BSA planning on creating a online directory to list firms on the Coventry BS conveyancing panel for example in Warlingham?
We have not been informed any plans on the part of the BSA to promote such a search facility.
I purchased my apartment on 5 January and my personal details is yet to be registered. Should I be concerned? My conveyancing solicitor in Warlingham expressed confidence that it would be recorded inside ten days. Are properties in Warlingham uniquely lengthy to register?
There is nothing unique about conveyancing in Warlingham registration formalities. As opposed to being determined by geographic area, timeframes can differ subject to who lodges the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. As of today roughly three quarters of submission are completed in less than three weeks but occasionally there can be protracted delays. Registration takes place once the buyer has moved in to the property therefore registration formalities is not always primary concern but where there is a degree of urgency associated with the registration then you or your lawyers can communicate with the Registry to express the reasoning for an expedited registration.
Over the last few months I have been searching for a ground for flat up to £305k and found one near me in Warlingham I like with open areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Warlingham in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
We expect to complete our sale of a £175,000 apartment in Warlingham in just under a week. The landlords agents has quoted £372 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Warlingham?
For most leasehold sales in Warlingham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-exchange questions
Where consent is required before sale in Warlingham
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
After months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Warlingham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We can put you in touch with a Warlingham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Warlingham flat is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case affected 6 flats. The number of years remaining on the existing lease(s) was 78.32 years.