I am not well enough to travel far from Peckham. I would like to know the reason why all Peckham lawyers are not on all bank panels?
Pre- 2008 most lenders exhibited an approach to risk which is different than today. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the property lawyers on your panel. Accordingly, mortgage companies have subsequently soughtmore data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum volume of transactions the mortgage companies insisted on.
We see that you have a search directory identifying solicitors on the Nationwide conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Peckham?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Peckham.
I am looking to buy a flat and require a conveyancing solicitor in Peckham who is on the Clydesdale solicitor. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Clydesdale in certain locations such as Peckham. We dont recommend any particular firm.
I have been told that property searches are the number one reason for delay in Peckham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Peckham.
How does conveyancing in Peckham differ for newly converted properties?
Most buyers of new build premises in Peckham approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Peckham usually buy the real estate, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Peckham or who has acted in the same development.
I am a negotiator for a busy estate agent office in Peckham where we have experienced a few flat sales jeopardised due to short leases. I have been given conflicting advice from local Peckham conveyancing solicitors. Can you confirm whether the vendor of a flat can start the lease extension formalities 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I own a two-bedroom flat in Peckham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for the purchase of the freehold?
Absolutely. We can put you in touch with a Peckham conveyancing firm who can help.
An example of a Freehold Enfranchisement case 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 number of years remaining on the existing lease(s) was 80.5 years.