My wife and I are planning to purchase a 3 bedroom flat in Penge with a mortgage. We have a Penge conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Penge conveyancer and pay for one of their panel firms to represent them. We consider that this is inequitable; is there anything we can do?
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.
Our son-in-law is about to exchange on a house that has just been built in Penge with a mortgage from UBS. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are planning to acquire a property and need a conveyancing solicitor in Penge who is on the UBS solicitor panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for UBS . We don't recommend any particular firms conducting conveyancing in Penge.
Please explain the implications if my lawyer’s firm is suspended from the UBS Solicitor panel ahead of completing my conveyancing in Penge?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
A friend advised me that where I am purchasing in Penge I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Penge conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Penge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Penge.
I am the proprietor of a first floor flat in Penge. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the premium due for a lease extension?
You certainly can. We can put you in touch with a Penge conveyancing firm who can help.
An example of a Lease Extension case 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 was in relation to 4 flats.
What makes a Penge lease unmortgageable?
Leasehold conveyancing in Penge is not unique. All leases are individual and drafting errors can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
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Insurance obligations
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.