I can't travel far from Bromley Common. Is there a reason why all Bromley Common conveyancing practitioners aren't included on all bank panels?
A decade ago most mortgage companies had an attitude to risk which differs from the current day. The FSA in 2010 conducted a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. As a result, mortgage companies have subsequently soughtmore information from law firms about their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many law practices have been excluded 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 minimum amount of transactions the mortgage companies required.
My fiance and I swapping mortgage lender for our maisonette in Bromley Common with Coventry BS. We have a son 19 who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of questions (1) Is this form unique to the Coventry BS conveyancing panel as he never had to sign this form when we bought 4 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Coventry BS conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Coventry BS. This is solely used to protect Coventry BS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Coventry BS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it the case that all Bromley Common solicitors on the Nottingham conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of mortgage companies do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I have a mortgage with Virgin Money for my property in Bromley Common. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Virgin Money must be informed of your intention prior to letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
It is unclear whether my bank requires a lease extension. I have called my Bromley Common building society branch on various occasions and was reassured it wasn't an issue and they will lend. My Bromley Common conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancer is on the mortgage company approved list, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. 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 left on the lease.
What can a local search tell me about the house my wife and I purchasing in Bromley Common?
Bromley Common conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search plays a central part in most Bromley Common conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I need to appoint a conveyancing solicitor for purchase conveyancing in Bromley Common. I've stumble upon a site which appears to be the perfect offering If there is a chance to get all formalities completed via web that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Having had my offer accepted I require leasehold conveyancing in Bromley Common. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
Assuming the lease is registered - and almost all are in Bromley Common - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Notwithstanding our best efforts, we have been unsuccessful in trying to reach an agreement for a lease extension in Bromley Common. Can the Leasehold Valuation Tribunal adjudicate on premiums?
if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension decision for a Bromley Common flat 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 residue of the current lease was 50.57 years.