My wife and I are soon to exchange buying a house in Brixton but as a result of damage from the recent storms I have managed to agree compensation from the seller in the sum of £3k taking the form of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process but Skipton will not permit this. Why were they notified?
Any property lawyer being on a Skipton approved list is required to advise Skipton of any variations to the purchase price. If you prohibit your solicitor to notify the reduction to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new solicitor for your conveyancing in Brixton.
Is it necessary during the course of the conveyancing process to attend the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Brixton so that I can pop in to their offices if required.
Whereas this was necessary 15 years ago, the vast majority lenders no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide identification documents and there are still manifest advantages to instructing a locally based solicitor, in your situation a conveyancing solicitor in Brixton.
We have agreed to purchase a house in Brixton. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
As your lender is Principality your lawyer must comply with the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Principality. The CML Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Principality where a lease fails to satisfy these conditions. The provisions relate to the installation of panels on properties countrywide and is not isolated to Brixton.
It is not clear whether my lender requires a lease extension. I have called my Brixton bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Brixton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their published requirements. I have no idea who is right.
The solicitor must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Intending to buy a flat in Brixton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality 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 Brixton conveyancer is on the Principality conveyancing panel.
I'm buying a new build house in Brixton benefiting from help to buy. The builders would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about the side-deal as it would jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am tempted by the attractive purchase price for a two apartments in Brixton which have approximately fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Brixton. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. It is often difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
I inherited a ground-floor 1960’s flat in Brixton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Most certainly. We are happy to put you in touch with a Brixton conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Brixton residence is 66 Southwell Road in March 2012. By Order of Deputy District Judge Stone dated 25 January 2012 a vesting order was made. The determination of the purchase price was referred to the Tribunal who decided that the amount payable for the freehold should be£29,612.00 This case was in relation to 3 flats. The unexpired lease term was 72.58 years.
Much to my surprise my conveyancer in Brixton has informed me that he requires ID documents saying that this forms part of his requirements as a conveyancer on the bank Solicitor panel. Am I being spun a yarn?
Anti-terror and anti-money-laundering rules require Brixton conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements