I can't travel far from South Wimbledon. I would like to know the logic why all South Wimbledon property lawyers aren't included on all mortgage company panels?
A decade ago most mortgage companies had an approach to risk which is different from today. The FSA in 2010 instigated a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Consequently, lenders have subsequently requiredmore data from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the lenders insisted on.
I am the registered owner of a freehold residence in South Wimbledon but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in South Wimbledon and has limited impact for conveyancing in South Wimbledon but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
In looking at moneysavingexpert.com for an online lawyer in South Wimbledon, many comment that I should use a CQS accredited lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home moving process, trusted by some of the UK's biggest mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Council of Mortgage Lenders (CML). The scheme does not cover licenced conveyancers. South Wimbledon is one of the many areas in England and Wales where there are Accredited solicitors.
My wife and I are purchasing a house in South Wimbledon. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to send money into their account. What is the protection we have from them run away with our monies?
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.
Intending to buy a apartment in South Wimbledon. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the South Wimbledon conveyancer is on the Kent Reliance conveyancing panel.
Our offer on a semi in South Wimbledon has been agreed to, the vendors do nevertheless have a tied purchase. The vendors have offered on somewhere, however it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a local conveyancing solicitor in South Wimbledon. What do I do now? At what point do I apply for the mortgage with Barclays?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx one thousand pounds, then valuation, South Wimbledon conveyancing search fees, etc). First, you must check that your conveyancer is on the Barclays approved list. Regarding the next stages this very much depends on the specifics of your case, motivation for the property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with Barclays and pay for the valuation and only if it was satisfactory would they pay their conveyancer to proceed with the conveyancing in South Wimbledon.
A colleague recommended that if I am purchasing in South Wimbledon I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard South Wimbledon conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about South Wimbledon around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning South Wimbledon.
I am intending to rent out my leasehold flat in South Wimbledon. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?
Notwithstanding that your last South Wimbledon conveyancing solicitor is no longer around you can review your lease to see if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is allowed. There may be a precondition that you must obtain consent from your landlord or some other party in advance of subletting. This means that you cannot sublet without prior permission. The consent is not allowed to be unreasonably refused ore delayed. If the lease does not allow you to sublet you will need to ask your landlord if they are willing to waive this restriction.
Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in South Wimbledon. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to calculate the amount due.
An example of a Lease Extension decision for a South Wimbledon residence is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case related to 1 flat. The unexpired lease term was 62.94 years.