I am in the process of selling my maisonette in Greenwich and the estate agent has just called to advise that the buyers are changing their property lawyer. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Greenwich ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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 being contacted daily by practices that have been removed from panels. Some do not even realise 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 not going to have any impact on this.
2 months have elapsed following my purchase conveyancing in Greenwich concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a property in Greenwich before instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some lenders will not give a loan on this type of property.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Greenwich. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Greenwich to see if the conveyancing will be more expensive.
In my capacity as executor for the will of my uncle I am selling a property in Swansea but live in Greenwich. My lawyer (who is 235 kilometers from merequires that I sign a statutory declaration ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Greenwich to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Greenwich based
Planning to sign contracts shortly on a garden flat in Greenwich. Conveyancing lawyers assured me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Greenwich should include some of the following:
Repair and maintenance of the flat Where does the liability rest to repair and maintain the building. It is important that you know which party is liable for the repair and maintenance of every part of the building Specifying your rights in relation to the communal areas in the building.E.G., does the lease grant a right of way over a path or hallways? What remedies are open the freeholder should you breach a clause of your lease? The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I own a a ground floor purpose built flat in Greenwich. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
in cases where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to judgment on the price payable.
An example of a Lease Extension case for a Greenwich 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 affected 2 flats. The unexpired residue of the current lease was 72 years.
Why do I have to provide my solicitor with a list of items of identification before they can proceed with my conveyancing in Greenwich?
Greenwich conveyancing practitioners are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML legislation to record that the have checked the identity of their clients. It is also sometimes a requirement of your bank where you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, national insurance number and date of birth.