I had intended to instruct a property lawyer in South Kensington for our home move. Our financial adviser has since notified us that our mortgage company Norwich and Peterborough Building Society won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all South Kensington conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 completed a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms regarding their operations and their employees and establishing certain criteria such a completing on a minimum volume of transactions. Many South Kensington conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. South Kensington is one of the numerous areas where the solicitors showing on our search results are are authorised to act for Norwich and Peterborough Building Society.
I am purchasing a property in South Kensington. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
Given that you are obtaining a mortgage with HSBC your lawyer must comply with the conveyancing instructions outlined in Section 2 of UK Finance Lenders’ Handbook for HSBC. The CML Handbook includes minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to HSBC where a lease fails to meet these specifications. The specifications relate to the installation of panels on properties countrywide and is not limited to South Kensington.
The formalities of my remortgage has taken place for my property in South Kensington. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local South Kensington bank branch on a couple of occasions and was told they are content with the situation and they would lend. My South Kensington conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
The lawyer must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I moved into my house on 11 September and my personal details are still not registered. Any reason for this? My conveyancing solicitor in South Kensington advises it would be concluded in a couple of weeks. Are titles in South Kensington particularly slow to register?
As far as conveyancing in South Kensington is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust according to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. Currently roughly 80% of such applications are completed within 12 days but some can be subject to longer delays. Registration takes place after the new owner has moved in to the property therefore 'speed' is not typically top priority but where there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
I am purchasing a new build house in South Kensington with the aid of help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my conveyancer about the side-deal as it could jeopardize my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 will soon part with hundreds of thousands of pounds on a house in South Kensington I wish to talk to a lawyer concerning thehome move in advance of instructing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you first talking to the conveyancer due to be carrying out your conveyancing in South Kensington.There is no ‘factory style conveyancing’ - every client is unique individual, not a case number. The law firms that we put you in touch with believe that the fees you are quoted for your conveyancing in South Kensington should be the amount on the final invoice that you end up paying.
I am attracted to a two apartments in South Kensington both have approximately fifty years unexpired on the leases. Will this present a problem?
There are plenty of short leases in South Kensington. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this arena.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a South Kensington conveyancing firm to assist?
Absolutely. We are happy to put you in touch with a South Kensington conveyancing firm who can help.
An example of a Lease Extension decision for a South Kensington premises is Flat 16 21/22 Stanhope Gardens in November 2010. the Leasehold Valuation Tribunal concluded that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993, was £106,975 This case was in relation to 1 flat. The unexpired lease term was 51.93 years.