I can't travel far from Millwall. I would like to know the reason why all Millwall solicitors aren't included on all lender panels?
Banks point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders purging less reputable firms off their official list of approved conveyancers .
I am nearing an exchange on a flat in Millwall and my mum and dad have sent the exchange deposit to my conveyancer. I am now advised that as the deposit has been sent from someone other than me my lawyer needs to disclose this to my mortgage company. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancer is legally required to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is a dozen years since I bought my house in Millwall. Conveyancing solicitors have recently been instructed on the sale but I am unable to locate my deeds. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be with the lender or they could still be with the solicitor who acted in the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Almost all conveyancing in Millwall involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
I purchased my apartment on 11 May and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Millwall said it will be recorded inside ten days. Are titles in Millwall particularly slow to register?
There is nothing unique when it comes to conveyancing in Millwall registration formalities. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. As of today roughly three quarters of submission are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Registration occurs once the buyer is living at the property so an expedited registration is not typically primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Millwall differ for new build properties?
Most buyers of new build or newly converted property in Millwall come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Millwall tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Millwall or who has acted in the same development.
Helen (my wife) and I may need to rent out our Millwall basement flat temporarily due to taking a sabbatical. We used a Millwall conveyancing practice in 2001 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?
Some leases for properties in Millwall do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably refuse but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Millwall. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Freehold Enfranchisement decision for a Millwall flat 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 affected 3 flats. The unexpired term was 101.61 years.