The Fortis Green conveyancing solicitors that I appointed last week on my purchase in Fortis Green have without warning closed. I only went with them because I needed a solicitor on the Santander conveyancing panel and my family Fortis Green lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
Is it correct that all Fortis Green CQS (Conveyancing Quality Scheme) solicitors are on the Kent Reliance conveyancing list of approved solicitors?
A selection of lenders now use CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Does a directory service exist listing UBS panel conveyancers in Fortis Green on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of mortgage companies make their panel listings available on the web. Where you are in need of a Fortis Green solicitor on the UBS please use our tool.
I am buying a property in Fortis Green. A rare aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with TSB your lawyer must comply with the formal requirements contained in Part two of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook sets out minimum provisions for solar panel roof-space leases, and solicitors are required to report to TSB where a lease does not satisfy these requirements. The requirements relate to the installation of panels on properties nationwide and is not isolated to Fortis Green.
Will my lawyer be asking questions concerning flooding during the conveyancing in Fortis Green.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Fortis Green. There are those who acquire a property in Fortis Green, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Fortis Green. The standard property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the owner to determine if the premises has ever been flooded. In the event that the residence has been flooded in past which is not notified by the vendor, then a buyer could commence a claim for damages resulting from an incorrect reply. The purchaser’s lawyers will also conduct an enviro report. This should higlight whether there is a recorded flood risk. If so, additional investigations will need to be conducted.
How does conveyancing in Fortis Green differ for newly converted properties?
Most buyers of new build premises in Fortis Green approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Fortis Green usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Fortis Green or who has acted in the same development.
I am tempted by the attractive purchase price for a two flats in Fortis Green both have in the region of fifty years left on the lease term. Will this present a problem?
There are plenty of short leases in Fortis Green. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the marketability of the lease reduces and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
I have given up negotiating a lease extension in Fortis Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a Fortis Green conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Fortis Green premises is 21 St Matthews Court Coppetts Road in February 2013. the applicant applied to the Tribunal for a determination of the premium payable for a lease extension pursuant to Section 48 of the Leasehold Reform (Housing and Urban Development ) Act 1993. The tribunal therefore ordered that the premium was to be £13,267. This case was in relation to 1 flat. The remaining number of years on the lease was 68 years.
My wife and I have appointed a Fortis Green conveyancing solicitor for our home move (novice purchasers) and have picked up in the terms and conditions that they are not overseen by the FCA. Am I right to be concerned or is that standard with conveyancing practitioner?
We can't see why they should be. Most property lawyer don't lend money. They will be regulated by the SRA, who have stringent rules regulating funds held by them.