My husband and I are looking to purchase a property in Lee and have instructed a Lee conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Lee conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lee lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My husband and I are only a couple days away from an exchange on a property in Lee and my mum and dad have sent the ten percent deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my conveyancer needs to disclose this to my mortgage company. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your lawyer is duty bound to clarify with the bank to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only report this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am the single beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Lee. Conveyancing formalities meant that the Land Registry date was in May. I now wish to sell up. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in May. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Some mortgage companies would take a practical view as this provision is primarily there to capture subsales or the quick reselling of property.
Is there a list of Santander panel conveyancers in Lee on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lenders make their panel listings available on the web. If you are seeking to appoint a Lee property lawyer on the Santander please make the most of our tool.
I have a mortgage with TSB for my property in Lee. Conveyancing was finalised a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform TSB?
TSB must be informed of your intention prior to letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel lawyer.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Lee. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Lee
Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Lee is where the house is located. Is there any advice you can impart?
Flying freeholds in Lee are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lee you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lee may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My company is looking to lease a unit on the high street. Can you recommend solicitors offering competitive fees for non-domestic conveyancing in Lee for less than £2000?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Lee, including the disposal and acquisition of businesses as well as simply premises. If you are looking to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. As for the fees these will vary based on the structure and complexity of the deal. Let us have your contact information or phone so as to enable us to furnish you with a fixed commercial conveyancing quote.