My husband and I are only a couple days away from an exchange on a property in Kennington and my parents have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not arrived from me my property lawyer needs to make a notification to my bank. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to be an issue?
The property lawyer is legally required to check with mortgage company to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
I am currently in the process of buying my council flat in Kennington. I have a mortgage offer with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
I recently had an offer accepted on a house in Kennington. My mortgage broker recommended their conveyancers. I paid an advanced payment of £200. Shortly after, the lawyer called me to say that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
At last I have had an offer on an apartment in Kennington agreed to, but there is a chain. The sellers have offered on on an apartment, however it’s not yet agreed to, and are looking at other properties in the pipeline. I have chosen a local conveyancing solicitor in Kennington. What should be my next step? At what point do I apply for the mortgage with Yorkshire BS?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx £1k, then survey, Kennington conveyancing search fees, etc). The first course of action is to ensure that your conveyancing practitioner is on the Yorkshire BS approved list. Concerning the subsequent phase this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a buoyant market some purchasers will apply for the mortgage with Yorkshire BS and arrange for the valuation and only if it was satisfactory would they ask their solicitor to proceed with the conveyancing in Kennington.
Will my lawyer be asking questions regarding flooding as part of the conveyancing in Kennington.
Flooding is a growing risk for solicitors conducting conveyancing in Kennington. Some people will buy a property in Kennington, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that can be carried out by the purchaser or by their solicitors which can figure out the risks in Kennington. The standard property information forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to determine if the premises has ever been flooded. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may commence a claim for damages stemming from an misleading reply. A purchaser’s lawyers will also commission an environmental report. This will reveal whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
Are there restrictive covenants that are commonly picked up during conveyancing in Kennington?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Kennington. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey done on a house in Kennington ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies may not issue a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kennington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kennington to see if the conveyancing costs will increase in light of this.
Back In 2008, I bought a leasehold house in Kennington. Conveyancing and Norwich and Peterborough Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Kennington who acted for me is not around. Any advice?
The first thing you should do is contact HMLR to make sure that this person is in fact the new freeholder. There is no need to incur the fees of a Kennington conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a first floor flat in Kennington. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
Where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to judgment on the amount due.
An example of a Lease Extension case for a Kennington premises is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case was in relation to 1 flat. The unexpired term as at the valuation date was 74.77 years.