I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Dulwich with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is it correct that all Dulwich CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing list of approved firms?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I am buying a property in Dulwich. One unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is RBS your lawyer must comply with the formal instructions set out in Part two of UK Finance Lenders’ Handbook for RBS. The CML Handbook contains minimum specifications for solar panel roof-space leases, and property lawyers are required to report to RBS where a lease does not satisfy these specifications. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Dulwich.
Intending to buy a flat in Dulwich. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society 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 Dulwich conveyancer is on the Skipton conveyancing panel.
Should commercial conveyancing searches disclose proposed roadworks that could affect a commercial site in Dulwich?
Many commercial conveyancing solicitors in Dulwich will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Dulwich. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Dulwich.
For every commercial conveyancing transaction in Dulwich it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Dulwich commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Dulwich.
I have been on the look out for a flat up to £305k and identified one round the corner in Dulwich I like with a park and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Dulwich suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer 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 can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Dulwich. Can we issue an application to the Residential Property Tribunal Service?
Absolutely. We are happy to put you in touch with a Dulwich conveyancing firm who can help.
An example of a Lease Extension decision for a Dulwich residence is 60 Taymount Grange Taymount Rise in June 2012. The Tribunal determined the premium at £13,346 for a lease extension of a further 90 years This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 64 years.
What makes a Dulwich lease unmortgageable?
There is nothing unique about leasehold conveyancing in Dulwich. Most leases are unique and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the property
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Leeds Building Society, and Godiva Mortgages Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I have recently placed an offer on a leasehold flat in Dulwich and the estate agent that we are dealing with suggested his solicitor. She quoted nine hundred pounds plus VAT and disbursements. Does this sound steep?
You should not rely on one estimate. You should obtain like-for-like quotes for your conveyancing in Dulwich. Then pick one that you are comfortable with and just as important, is on the approved panel of the lender that you are sourcing your mortgage from.