I am not in a position to travel far from Lewisham. What is the rationale as to why all Lewisham solicitors aren't included on all bank panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It led to mortgage companies removing a number of firms off their books of approved lawyers .
All was ready to complete my purchase in Lewisham next Friday. My solicitor now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not specific to conveyancing in Lewisham.
Are all Lewisham Conveyancing Quality Solicitors on the Lloyds conveyancing list of approved firms?
Some major banks and building societies now utilise the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
I currently have a mortgage with Bank of Ireland for my property in Lewisham. Conveyancing was finalised 12 months ago. In the event that I decide 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 Bank of Ireland?
Bank of Ireland must be informed of your intention in advance of renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
Completion of my purchase has taken place for my property in Lewisham. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that 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 have been on the look out for a ground for flat up to £235,500 and found one near me in Lewisham I like with open areas and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Lewisham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
In my capacity as executor for the estate of my father I am disposing of a house in Cardiff but reside in Lewisham. My lawyer (approximately 200 kilometers awayhas requested that I sign a stat dec before completion. Could you suggest a conveyancing lawyer in Lewisham to witness this legal document for me?
strictly speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are located in Lewisham
Do you have any top tips for leasehold conveyancing in Lewisham with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Lewisham can be avoided if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation which will be required by the buyers’ representatives. The majority of landlords or managing agents in Lewisham charge for supplying management packs for a leasehold property. You or your lawyers should find out the fee that they propose to charge. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Lewisham. If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Arranging a new share certificate is often a lengthy process and slows down many a Lewisham home move. Where a duplicate share certificate is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 80 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. A minority of Lewisham leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are 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 lawyers.
I inherited a first floor flat in Lewisham. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
in cases where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to judgment on the price payable.
An example of a Lease Extension matter before the tribunal for a Lewisham flat is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case was in relation to 2 flats. The remaining number of years on the lease was 72 years.