Unfortunately I am unable to travel far from Penge. Can you please clarify why all Penge conveyancers aren't automatically on all lender panels?
Even though it may seem unfair for lenders to limit who can represent them, from the public’s or conveyancer’s point of view, the other side of the coin is that lenders are becoming ever more anxious and consider it essential to protect them against mortgage fraud. As a consequence of this concern banks have restricted their panel of approved conveyancing lawyers to a size that they are happy to control.
Due to move into my new home in Penge next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the bank expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These requirements are not limited to conveyancing in Penge.
I am about to put an offer on a leasehold property in Penge. The selling agents tell me that it is normal for flats in Penge to have less than 75 years unexpired on the lease. I am expecting a loan with Virgin. Is this going to be acceptable if the lease has 72 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 1/5/2021 the requirements read as follows :
Are there restrictive covenants that are commonly identified as part of conveyancing in Penge?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Penge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In surfing the internet for the phrase conveyancing in Penge it shows results of many conveyancerslocally. How do I determine which is the suitable conveyancing solicitor for the sale of my house?
The preferential method of finding the right conveyancer is through a personal testimonial, so seek the counsel of colleagues and those you trust who have purchased a property in Penge or the respected estate agent or financial adviser. Costs for conveyancing in Penge vary, so it's advisable to obtain a minimum of three estimates from varying types of law firms. Dont forget to clarify that the charges are assured not to increase.
I am employed by a busy estate agency in Penge where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Penge conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease 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. The benefit of this is that the proposed purchaser need not have to sit tight for 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.
Following years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Penge. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We can put you in touch with a Penge conveyancing firm who can help.
An example of a Lease Extension decision for a Penge property 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.