My wife and I are looking to purchase a flat in Warlingham and are in fact using a Warlingham conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this morning contacted us to advise us that there is now an issue as our Warlingham lawyer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Warlingham lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We were just about to exchange contracts for a leasehold flat in Warlingham. We encountered a problem. The mortgage offer with The Mortgage Works runs out on 3/3/2026 but the owners are suggesting a completion date of 5/3/2026. Can one extend the mortgage offer?
The best person to deal with your issue is your conveyancer who should calculate if he or she is better off negotiating with the lender, seller’s conveyancers, estate agents or possibly all parties given the history of your transaction as of today.
I'm buying my first flat in Warlingham with a mortgage from Coventry Building Society. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not reveal to my conveyancer about the deal as it could jeopardize my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Taking into account that I am about to spend 450k on a two bedroom apartment in Warlingham I wish to have a conversation with the lawyer regarding thehome move in advance of instructing the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer who will be conducting your conveyancing in Warlingham.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Warlingham should be the figure that you end up paying.
Is it best to use a Warlingham conveyancing solicitor who is local to the property I am purchasing? I have an old university friend who can execute the legal work however his firm is located 300miles drive away.
The benefit of a local Warlingham conveyancing firm is that you can pop in to sign documents, deliver your identification documents and pester them where appropriate. Having local Warlingham know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and they were content that must outweigh using an unknown Warlingham conveyancing lawyer just because they are based in the area.
We own a leasehold flat in Warlingham. Conveyancing was completed in 21012. I have read on numerous consumer forums that I should not allow the the remaining lease term to fall too low. Is this right?
Warlingham domestic long term leases are for a fixed period - normally just under one hundred years when they started. However a significant flats in Warlingham were constructed or converted 25 or more years ago and so these leases now have under eighty years remaining. That may sound like plenty of time but Banks, Building Societies and other mortgage companies tend to require leases to have a minimum of 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to eighty years. To maximise your property value you should be considering whether or not to extend your lease long before you come to sell it. Furthermore strong financial reasons to doing so before the lease reaches even eighty years as when the lease falls below eighty years the amount you have to pay to extend starts to escalate.