I am in the process of selling my house in Millwall and the estate agent has just e-mailed to say that the purchasers are changing their conveyancer. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Millwall ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My friend recommended that if I am purchasing in Millwall I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Millwall conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Millwall around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Millwall Education with maps and statistics, Local Amenities and other useful data about Millwall.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who dealt with the conveyancing in Millwall 10 years ago no longer exist. Will I be able to sell the house?
As long as the title is registered the details of your proprietorship will be retained by HMLR with a Title Number. It is possible to carry out a search at the Land Registry, locate your house and order up to date copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will also normally hold a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I am buying my first flat in Millwall with the aid of help to buy. The developers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent told me not to tell my solicitor about the extras as it could adversely affect my loan with the bank. 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.
How does the Landlord & Tenant Act 1954 impact my commercial property in Millwall and how can you help?
The 1954 Act affords protection to business leaseholders, giving them the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Millwall is one of our hundreds of areas of the UK in which our lawyers are located
I own a first flat in Millwall. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?
Most definitely. We are happy to put you in touch with a Millwall conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Millwall residence 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 number of years remaining on the existing lease(s) was 101.61 years.
What are the frequently found problems that you come across in leases for Millwall properties?
Leasehold conveyancing in Millwall is not unique. All leases are individual and drafting errors can sometimes mean that certain sections are wrong. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Insurance obligations
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Norwich and Peterborough Building Society, and Barclays Direct all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.