Me and my fiance are purchasing a 1 bedroom flat in Penge with a mortgage. We like our Penge solicitor, but the bank says he's not on their "panel". It appears that we have no option but to instruct one of the lender panel solicitors or keep our Penge property lawyer and pay for one of their panel lawyers to act for them. We regard this is inequitable; can we not insist that the lender use our Penge conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’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. A further alternative is for your Penge conveyancing solicitor to apply to be on the conveyancing panel.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Penge?
Two types of professional can conduct conveyancing in Penge namely licenced conveyancers or solicitors. Both professionals provide the legal services that required to complete the disposal or acquisition of property. They are both duty bound to conduct Penge conveyancing on similar quality and guidelines so you may be sure that your conveyancing will be properly carried out and that the necessary steps should be accurately taken.
Is it the case that all Penge CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
The mortgage over my property is with Kent Reliance for my property in Penge. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
I'm buying a new build house in Penge with a mortgage from Halifax. The builders would not reduce the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not inform my conveyancer about this side-deal as it could adversely affect my loan with Halifax. 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.
Due to the guidance of my in-laws I had a survey completed on a house in Penge prior to retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some banks may not grant a mortgage on such a house.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Penge. Conveyancing will be smoother if you use a solicitor in Penge especially if they are accustomed to such properties in Penge.
What makes your site different to other online quote calculators for conveyancing in Penge?
At this site obtain a fixed fee quote via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Penge. As opposed to estate agents and brokerage sites we do not have commission arrangements with solicitors. Many agents and online brokers 'recommend' solicitors paying the highest kickback, rather than the best value conveyancing in Penge
Last May I purchased a leasehold flat in Penge. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a a ground floor purpose built flat in Penge. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price payable.
An example of a Lease Extension case for a Penge premises is Flats 5, 9, 38 & 40 Blakewood Court Anerley Park in January 2012. the tribunal held that the premiums payable for the new lease sare: FLAT 5:- £7,130 FLAT 9:- £7,860 FLAT 38:- £15,867 FLAT 40: £14,834 This case related to 4 flats.