I am selling my apartment in Biggin Hill and the estate agent has just telephoned to warn that the buyers are swapping property lawyer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Biggin Hill ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
I am hoping to complete my purchase in Biggin Hill next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not unique to conveyancing in Biggin Hill.
In what way does my ID and proof of funds have anything to do with my conveyancing in Biggin Hill? What am I being asked for?
Biggin Hill conveyancing solicitors as well as nationwide property lawyers throughout the UK have an obligation under money laundering regulations to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement less than 3 months old).
Proof of source of funds is also required under the money laundering statutes as solicitors are duty bound to ensure that the monies you are using to acquire a property (be it the exchange deposit or the full purchase monies where you are buying mortgage free) has come from an acceptable source (such as an inheritance) as opposed to the product of criminal activity.
There are numerous conveyancing solicitors in Biggin Hill but how do I know who's good?
It would be unwise to be seduced by the lowest Biggin Hill conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
This question may be naive but I am unexperienced as a first time purchaser of a ground floor flat in Biggin Hill. Do I pick up the keys to the property on completion from my lawyer? If so, I will find a local conveyancing solicitor in Biggin Hill?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you should be able to collect the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
A colleague pointed out to me me that in buying a property in Biggin Hill there could be a number of restrictions preventing external changes to the property. Is this right?
We are aware of anumerous of properties in Biggin Hill which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Biggin Hill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Will my lawyer be raising questions regarding flooding as part of the conveyancing in Biggin Hill.
The risk of flooding is if increasing concern for lawyers dealing with homes in Biggin Hill. Some people will acquire a property in Biggin Hill, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that can be undertaken by the buyer or by their solicitors which will give them a better appreciation of the risks in Biggin Hill. The standard property information forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to discover whether the premises has historically flooded. In the event that the property has been flooded in past and is not revealed by the owner, then a purchaser could bring a claim for damages as a result of such an misleading reply. The purchaser’s lawyers should also conduct an enviro report. This should disclose whether there is any known flood risk. If so, further inquiries will need to be conducted.
I am looking at a two flats in Biggin Hill both have about fifty years remaining on the leases. Do I need to be concerned?
A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I have attempted and failed to negotiate with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Biggin Hill conveyancing firm to act on my behalf?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the price.
An example of a Lease Extension matter before the tribunal for a Biggin Hill residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined 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 £30,541 This case affected 1 flat. The unexpired term as at the valuation date was 50.57 years.