I am in the process of selling my flat in Charlton and the estate agent has just called to say that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to select to handle their conveyancing in Charlton ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The purchasers are unlikely to have any impact on this.
Last month we had a mortgage agreed in principle with Santander. Charlton conveyancing lawyers were appointed. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander conducted the survey? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
We have agreed to purchase a house in Charlton. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
As your lender is HSBC your lawyer must follow the formal requirements contained in Section two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook stipulates minimum specifications for solar panel roof-space leases, and lawyers are required to report to HSBC where a lease fails to meet these specifications. The provisions relate to the installation of panels on properties nationwide and is not limited to Charlton.
About to purchase flat in Charlton. 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 Skipton 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 Charlton conveyancing practitioner is on the Skipton conveyancing panel.
I opted to have a survey carried out on a property in Charlton before appointing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may refuse to issue a loan on such a home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Charlton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Charlton to see if the conveyancing will be more expensive.
Are there any apps to assist me to search for a Charlton solicitor on the Aldermore conveyancing panel? I drive a motor bike and am prepared to travel upto 25kilometers to meet the lawyer.
You can use the tool on this website. Please pick a lender and your location and you will see a number of Charlton conveyancing lawyers located nearest you. We have listed some Charlton conveyancing firms towards the end of this page and you can call them to see whether they are on the Aldermore panel
Am I better off to appoint a Charlton conveyancing solicitor who is local to the property I am buying? An old friend can execute the conveyancing however his firm is located 300miles away.
The benefit of a local Charlton conveyancing firm is that you can attend the office to sign documents, present your identification documents and pester them where appropriate. Having local Charlton know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and they were content that should trump using an unfamiliar Charlton conveyancing solicitor just because they are round the corner.
What are your top tips when it comes to finding a Charlton conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Charlton conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Charlton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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How many lease extensions has the firm carried out in Charlton in the last year? How familiar is the practice with lease extension legislation?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Charlton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Charlton conveyancing firm who can help.
An example of a Lease Extension case for a Charlton flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The unexpired residue of the current lease was 72 years.