We are buying a 2 bedroom flat in Hither Green with a mortgage. We wish to retain our Hither Green lawyer, however the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or retain our Hither Green lawyer as well as pay for one of their panel ones to represent them. This seems very unfair; can we not insist that the lender use our Hither Green lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Hither Green conveyancing lawyer to apply to be on the conveyancing panel.
We have very assertive vendors who has suggested a lock out agreement with a down payment 6,000. Are such arrangements generally advanced for Hither Green conveyancing transactions?
There are a couple of primary drawbacks with executing a lock out agreement (sometimes termed an exclusivity agreement) is that it can distract from progressing with the conveyancing process, so unless it requires little or no negotiation then it may turn out to be a cause of frustration and delay. It is not strongly advocated by Hither Green conveyancing lawyers as a result. The other main issue is the extent of the remedies available - a jilted purchaser should not expect to secure an injunction to bar the seller disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive costs and, in limited scenarios, the additional payment of penalties.
It is a dozen years since I acquired my property in Hither Green. Conveyancing lawyers have recently been instructed on the sale but I am unable to track down my deeds. Is this a problem?
You need not be too concerned. First the deeds may be with your mortgage company or they may be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Hither Green relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is resolvable.
My home in Hither Green is up for sale and I have a purchaser. Does my lawyer need to be required to be on the Leeds Building Society conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently in recent years.
I have been told that property searches are a common cause of hinderance in Hither Green conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Hither Green.
Can you provide any top tips for leasehold conveyancing in Hither Green from the point of view of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hither Green can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share document. Arranging a new share certificate is often a lengthy formality and frustrates many a Hither Green home move. Where a new share is required, you should approach the company officers or managing agents (if applicable) for this at the earliest opportunity. Some Hither Green leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. The majority of landlords or managing agents in Hither Green charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hither Green.
I inherited a a ground floor purpose built flat in Hither Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
in cases 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 make a decision on the amount due.
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 related to 3 flats. The unexpired term was 69.05 years.