I am obtaining a mortgage with Lloyds. My intention is to retain the legal services of a Licensed Conveyancer in Bermondsey. Does the Lloyds Solicitor panel include conveyancers regulated by the CLC?
The Lloyds approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
My wife and I are nearing an exchange on a flat in Bermondsey and my parents have sent the exchange deposit to my solicitor. I am now told that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the bank about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
Your solicitor is legally required to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I purchased my house in Bermondsey. Conveyancing solicitors have recently been instructed on the sale but I am unable to track down the deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with your lender or they could be in the possession of the solicitor who handled the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Bermondsey relates to registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
How does conveyancing in Bermondsey differ for newly converted properties?
Most buyers of new build premises in Bermondsey come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Bermondsey typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Bermondsey or who has acted in the same development.
I work for a reputable estate agency in Bermondsey where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given contradictory information from local Bermondsey conveyancing firms. Can you shed some light as to whether the owner of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the leaseholder of a first floor flat in Bermondsey. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount due for the purchase of the freehold?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to assess the price.
An example of a Freehold Enfranchisement case for a Bermondsey residence is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term was 107 years.
When it comes to my conveyancing in Bermondsey should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Bermondsey conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.