My husband and I are approaching an exchange on a property in Forest Hill and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been received from someone other than me my lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
The solicitor is obliged to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Will my lawyer be asking questions concerning flooding as part of the conveyancing in Forest Hill.
Flooding is a growing risk for solicitors conducting conveyancing in Forest Hill. There are those who buy a house in Forest Hill, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a various checks that may be carried out by the buyer or by their lawyers which should give them a better appreciation of the risks in Forest Hill. The standard information given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out if the premises has historically flooded. If flooding has previously occurred and is not disclosed by the seller, then a buyer may bring a compensation claim resulting from an inaccurate reply. The buyer’s lawyers will also conduct an enviro report. This should reveal whether there is a recorded flood risk. If so, further inquiries should be made.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Forest Hill. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Forest Hill
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Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Forest Hill. I've chance upon a site which looks to be the perfect answer If it is possible to get all the legals done via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
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?
I work for a busy estate agent office in Forest Hill where we have witnessed a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Forest Hill conveyancing solicitors. Could you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Forest Hill conveyancing firm to act on my behalf?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the price payable.
An example of a Lease Extension matter before the tribunal for a Forest Hill property is Flat 1 40-42 Ewelme Road in August 2012. the Tribunal assessed the premium for the lease extension in the sum of £11,800 This case was in relation to 1 flat. The unexpired term was 61.81 years.
My friend mentioned that before choosing a conveyancing solicitors they need approved by your lender. This is my first home move but I have an AIP with Santander and I already have a family conveyancing solicitor in Forest Hill lined up. Can Virgin Money insist on an approved lawyer to be selected? Does a list of approved solicitors even exist so I can choose a conveyancing solicitor in Forest Hill?
You should use a solicitor that is on the Virgin Money panel. Just telephone your preferred Forest Hill conveyancing lawyer and ask if they are on the Virgin Money panel. If they are not on the panel you have a couple of options available to you here:
- Proceed with your existing Forest Hill conveyancer but Virgin Money will no doubt instruct a conveyancing practitioner on their approved panel. The net result is additional cost and probable delay.
- Appoint a new conveyancer to act in the purchase, obviously checking they are on the Virgin Money conveyancing panel.
- Appeal to your solicitor to attempt to join the lender panel.