I am progressing with the sale of my house in Downe and the estate agent has just e-mailed to say that the buyers are changing their conveyancer. The reason given is that the bank will only work with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Downe ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 buyers are not going to have any sway in the decision.
I have given 2 months notice to my current landlord and must be out of my let out flat in Downe by 2/5/2019. Conveyancing for my house purchase has just started. Can I complete in six weeks as don't want to have to move into short term accommodation?
It is unwise to give notice on a rental until you have exchanged. If you have not already done so, notify to your lawyer and ask them to they apply pressure on the other side, try to an acceptable time-line that all parties will look towards
Do banks and building societies provide you with an approved list of Downe conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Downe conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Downe I like with open areas and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Downe in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a house with a leasehold title in Downe. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Downe ?
Most houses in Downe are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Downe so you should seriously consider looking for a Downe conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
I am the leaseholder of a ground-floor 1960’s flat in Downe. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the price.
An example of a Lease Extension case for a Downe property 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 number of years remaining on the existing lease(s) was 50.57 years.
We have an offer in principle from Clydesdale who indicated we could borrow up to £117k. At what point do we need to instruct a lawyer for conveyancing? Downe is where we are buying.
You can instruct a conveyancer now and ask them to create a file for you. This will enable: 1) the selling agent to send out the Sales Memo to all parties 2) the seller’s property lawyer to send out the draft paperwork. That being said, do not ask your lawyer to start searches until you receive your valuation report via Clydesdale and you are willing to proceed.