My husband and I are looking to purchase a home in Hither Green and are in fact using a Hither Green conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Barnsley Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Hither Green solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hither Green solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My wife and I are acquiring a new build duplex in Hither Green and my lawyer is informing me that she is duty bound to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to exchange and my preference is not to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold property in Hither Green yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Hither Green and has limited impact for conveyancing in Hither Green but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have an AIP. The lender mentioned the loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather use a Hither Green based conveyancing firm?
Do check but the the probability is that give you one of their panel solicitors should you want the "fee-free" deal. Call the lender and determine if they make available a cash alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Hither Green.
Have purchased a a semi-detached house in Hither Green , how long should it take for the Land Registry to record the transfer to my name? My Hither Green conveyancing solicitor has been painfully slow, so I want to be certain the registration formalities are dealt with.
As far as conveyancing in Hither Green is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry need to notify any other persons or bodies. As of today roughly 80% of such applications are fully addressed within two weeks but some can be subject to longer hold-ups. Registration occurs once the new owner has moved in to the property therefore post completion formalities is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Hither Green conveyancing firm to represent me?
Absolutely. We are happy to put you in touch with a Hither Green conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Hither Green flat is 18 Handen Road in April 2013. On 26 October 2012 District Judge Zimmels sitting at the Lambeth County Court made a Vesting Order that the Applicants be granted the right to acquire the freehold upon such terms and at such price determined by the LVT. The Tribunal arrived a figure of £39,535 as a valuation for the enfranchisement. This case affected 3 flats. The unexpired term as at the valuation date was 69.05 years.
What are the common defects that you witness in leases for Hither Green properties?
There is nothing unique about leasehold conveyancing in Hither Green. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party.
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.