I am about to complete on the purchase of a property in Whyteleafe but as a result of damage from a small fire at the property I have managed to agree compensation from the current proprietors of three thousand pounds taking the form of a reduction in the price. This was going to be addressed as part of amending the contract however TSB are not allowing this. Should they have been approached?
The lawyer being on a TSB approved list is duty bound to disclose to TSB of any variations to the purchase price. If you were to refuse your property lawyer to report the reduction to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new solicitor for your conveyancing in Whyteleafe.
My fiance and I are purchasing a newly converted apartment in Whyteleafe with a loan from Barclays .We have a Whyteleafe conveyancing lawyer but Barclays says her practice is not listed on their "panel". We have to appoint a Barclays panel lawyer or retain our local solicitor and fork out for a Barclays panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you contains terms and conditions, a common one being that lawyers needs to be on the Barclays approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Barclays
When it comes to lenders such as Virgin Money, do Whyteleafe conveyancers incur a fee to be on the list of approved solicitors?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Is it the case that all Whyteleafe conveyancing solicitors on the Co-operative conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel and in such a situation the practice would be overseen by the Council of Licensed Conveyancers.
My wife and I have organised the release of further monies on our mortgage from Principality as we want to carry out improvements to our home in Whyteleafe. Do we need to choose a bricks and mortar Whyteleafe solicitor on the Principality conveyancing panel to handle the paperwork?
Principality would not normally instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I'm buying a new build house in Whyteleafe with a mortgage from TSB. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The property agent told me not reveal to my solicitor about the deal as it may put at risk my loan 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 UK Finance website. UK Finance 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.
I opted to have a survey carried out on a house in Whyteleafe prior to retaining solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies will not grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Whyteleafe. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two apartments in Whyteleafe which have approximately 50 years left on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Whyteleafe is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Whyteleafe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Whyteleafe. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Whyteleafe conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Whyteleafe premises is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case was in relation to 3 flats. The unexpired lease term was 75 years.