I am in the process of selling my ground floor flat in Millwall and the estate agent has just telephoned to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Millwall ?
Banks have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 purchasers are not going to have any sway in the decision.
A colleague advised me that where I am buying in Millwall I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Millwall conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Millwall around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Millwall Education with plans and statistics, Local Amenities and other useful information about Millwall.
The deeds to my property are lost. The solicitors who dealt with the conveyancing in Millwall 10 years ago have long since closed. What are my options?
These day there are duplicates made of almost everything, and your conveyancer will be aware exactly where to find all the suitable documentation so you may purchase or sell your property without any difficulty. Where copies are not available, your solicitor may be able to put in place insurance or indemnities against future claims on the property.
I'm purchasing a new build house in Millwall with a loan from Bank of Scotland. The builders would not move on the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not reveal to my solicitor about the deal as it could affect my mortgage with the lender. 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.
In what way does the Landlord & Tenant Act 1954 impact my business offices in Millwall and how can you help?
The 1954 Act affords security of tenure to business tenants, granting the legal entitlement to apply to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Millwall is one of our numerous locations in which our lawyers are based
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a Millwall conveyancing firm to act on my behalf?
if there is a absentee freeholder or if there is disagreement 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 First-tier Tribunal (Property Chamber) to make a decision on the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a Millwall property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The unexpired term was 101.61 years.
In relation to leasehold conveyancing in Millwall what are the most frequent lease problems?
Leasehold conveyancing in Millwall is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain sections are erroneous. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Skipton Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.