I am in the process of selling my apartment in Honor Oak and the estate agent has just e-mailed to say that the buyers are switching conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to select for their conveyancing in Honor Oak ?
Banks have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks justify this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal 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. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
Do all mortgage companies provide you with an approved list of Honor Oak conveyancing solicitors? How do you know who is on the Co-operative conveyancing panel?
Honor Oak conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
We expect to receive a AIP from HSBC this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Honor Oak solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Honor Oak solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
Completion of my purchase has taken place for my property in Honor Oak. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am selling my house. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, RBS are being problematic. The Honor Oak solicitor who is on the RBS conveyancing panel is recommending indemnity insurance as a solution but RBS are requiring a building regulation certificate. Why do RBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that RBS have referred the matter to their valuer. The reason why RBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm buying a new build house in Honor Oak with a mortgage from Barclays . The sellers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about the deal as it will put at risk my loan with Barclays . Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Honor Oak I like with open areas and transport links nearby, however it's only got 49 years on the lease. I can't really find anything else in Honor Oak suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
There are only Sixty One years remaining on my flat in Honor Oak. I need to extend my lease but my freeholder is missing. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. On the whole a specialist would be helpful to try and locate and to produce a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on investigating the landlord’s disappearance and the application to the County Court overseeing Honor Oak.
I have had difficulty in trying to reach an agreement for a lease extension in Honor Oak. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a Honor Oak conveyancing firm who can help.
An example of a Lease Extension decision for a Honor Oak 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 affected 1 flat. The number of years remaining on the existing lease(s) was 61.81 years.