I am one month into the sale of my flat in Mitcham and the EA has just telephoned to advise that the purchasers are switching law firm. The reason given is that the lender will only deal with property lawyers on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Mitcham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to disclose 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 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. The purchasers are not going to have any impact on this.
My Solicitor in Mitcham is not on the Lloyds TSB Bank Solicitor Panel. Can I still retain my prefered solicitor even though they are not on the Lloyds TSB Bank panel?
The limited options available to you here include:
- Complete the purchase with your preferred Mitcham lawyers but Lloyds TSB Bank will need to retain a conveyancer on their list of acceptable firms. This will result in additional total legal charges and cause frustration.
- Choose a new solicitor to to deal with the conveyancing, remembering to check they are Convince your conveyancer to do everything within their powers to join the Lloyds TSB Bank conveyancing panel
I am buying a new build house in Mitcham with a loan from Leeds Building Society. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not disclose to my solicitor about this side-deal as it will impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Do I need to be concerned by estate agents that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local Mitcham conveyancing practice?
As with many professional services, often suggestions from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing matter; estate agents, mortgage brokers and banks might all recommend solicitors to select. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there may be a commercial relationship behind the endorsement. You have the discretion to select your preferred lawyer. You need to be aware that many mortgage providers have an approved list of solicitors you must use for the lender related work in your house move.
As co-executor for the estate of my father I am disposing of a property in Cardiff but live in Mitcham. My lawyer (who is 200 miles from mehas requested that I sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing lawyer in Mitcham who can attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are Mitcham based
I work for a long established estate agent office in Mitcham where we have experienced a number of flat sales put at risk due to short leases. I have received inconsistent advice from local Mitcham conveyancing solicitors. Could you clarify whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have given up trying to purchase the freehold in Mitcham. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Mitcham conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Mitcham property is 50 & 52 Southcroft Road in September 2013. The tribunals own valuation determined that the premium payable should be £29,000 This case affected 2 flats. The unexpired term was 86.11 and 60.64.