The Balham conveyancing firm handling our Balham conveyancing has identified a discrepancy between the information in the home valuation report and what is revealed within the title deeds. My solicitor says that he needs to ensure that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action correct?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What happens if my solicitor is suspended from the Aldermore Conveyancing panel ahead of completing my conveyancing in Balham?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Should my lawyer be raising enquiries about flooding as part of the conveyancing in Balham.
Flooding is a growing risk for solicitors carrying out conveyancing in Balham. There are those who acquire a house in Balham, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a number of checks that can be undertaken by the buyer or by their solicitors which can figure out the risks in Balham. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the seller to discover whether the premises has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the seller, then a buyer may bring a compensation claim resulting from an misleading reply. A purchaser’s conveyancers will also conduct an environmental report. This will indicate whether there is any known flood risk. If so, additional inquiries should be initiated.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Balham I like with a park and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Balham for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I've recently bought a leasehold flat in Balham. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have given up trying to purchase the freehold in Balham. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Balham premises is First Floor Flat 152a Ramsden Road in June 2009. The net result of the tribunals calculation produced a premium payable of £23,975. This case related to 1 flat. The number of years remaining on the existing lease(s) was 56.67 years.
My wife and I have AIP from Barclays Direct who indicated we could borrow up to £218k. When do I need to instruct a practitioner for conveyancing? Balham is where we are buying.
You can instruct a conveyancer now and ask them to generate a file for you. This will facilitate: 1) the selling agent to issue a Sales Memo to all parties 2) the seller’s solicitor to submit the draft agreement. However, do not ask your lawyer to order searches until you receive your valuation report from Barclays Direct and you are happy to proceed.