We are planning to acquire a 1 bedroom flat in Peckham with a mortgage. We have a Peckham solicitor, however the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or keep our Peckham conveyancing practitioner as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Peckham conveyancing lawyer to apply to be on the conveyancing panel.
Why do I have to pay up front for conveyancing in Peckham?
If you are buying a property in Peckham your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the Local Authority Search. If any down payment is as part of the purchase price then this should be required shortly ahead of exchange of contracts. Any further balance that is needed should be sent to your lawyer shortly before completion.
Me and my brother own a 4 bedroom Georgian house in Peckham. Conveyancing lawyer acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Peckham and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing lawyer who completed the work.
My partner has suggested that I use his conveyancing solicitors in Peckham. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to have recommendations from friends or relatives who have experience in using the conveyancer you're are thinking of instructing.
I am tempted by the attractive purchase price for a two maisonettes in Peckham which have approximately forty five years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Peckham is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Peckham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a garden flat in Peckham. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
if there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the price payable.
An example of a Freehold Enfranchisement matter before the tribunal for a Peckham property is 31 Kings Grove in January 2012. By a claim form issued on 11" August 2011 under action number 1LB01618 in the Lambeth County Court the applicant tenants sought dispensation under section 26 of the Leasehold Reform, Housing and Urban Development Act 1993 from the requirement to serve a notice under section 13 of that Act in order to purchase the freehold of the premises. The Tribunal decided the amount payable for the freehold as £10,728 This case related to 2 flats. The remaining number of years on the lease was 80.5 years.
We had our home loan agreed in principle last Friday with our bank. We are using a high street conveyancer in Peckham yesterday. A couple of hours ago, our mortgage adviser phoned to advise us that the bank said that we cannot use our solicitor as they aren't on their 'approved list'. As novices, we did not have a clue that the bank had a say Is this allowed?
You can actually instruct any conveyencer you prefer to instruct including the said conveyancer in Peckham but if your bank aren't happy with them you must pay an extra fee so the bank can instruct their own conveyancer too. sometimes it is possible your solicitor may apply to get added to the mortgage company list of approved firms. You can use online search facilities such as lenderpanel.com to find a conveyancing solcitor in Peckham on the lender panel. You can go into your high street lender branch in Peckham. They can recommend conveyancing solicitors in Peckham on the approved list.