My partner and I are looking to acquire a home in Putney and are in fact using a Putney conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. National Westminster Bank have this afternoon contacted us to advise us that they have now hit a problem as our Putney lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Putney lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
My wife and I are soon to complete buying a property in Putney but as a consequence of wreckage from a small fire at the property I have was able negotiate reparation from the seller of £3k by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet Kent Reliance will not permit this. Should they have been approached?
The conveyancer being on a Kent Reliance approved list is duty bound to advise Kent Reliance of any changes to the sale price. If you prohibit your solicitor to report the price change to Kent Reliance then they would have to discontinue acting for you. In addition, Kent Reliance and you would have to appoint a new lawyer for your conveyancing in Putney.
I had intended to instruct a property lawyer in Putney for our home move. Our broker has since notified us that our mortgage lenders Halifax won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies on the whole imposes restrictions either the type or the volume of conveyancing firms on their panel. Typical examples of such restriction(s) being that a law practice must have two or more partners. In addition to restricting the profile of firm, some have reduced the number of solicitor practices they allow to represent them. Be aware that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels a few years ago even though there are differing opinions regarding the level of solicitor involvement in some of that fraud. Data from the Land Registry indicate that hundreds of law firms, including some in or near Putney only conduct a couple conveyances per annum.
Should my conveyancer be raising enquiries regarding flooding during the conveyancing in Putney.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Putney. There are those who purchase a property in Putney, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that can be carried out by the purchaser or by their lawyers which will give them a better understanding of the risks in Putney. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to discover whether the premises has suffered from flooding. If the premises has been flooded in past which is not disclosed by the owner, then a purchaser may bring a legal claim for losses as a result of such an inaccurate response. A purchaser’s solicitors will also order an enviro report. This will reveal if there is any known flood risk. If so, more detailed investigations should be initiated.
I am buying my first flat in Putney with a mortgage from Skipton Building Society. The developers would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep told me not inform my conveyancer about this side-deal as it may jeopardize my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I've recently bought a leasehold property in Putney. 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 lessee 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. It is an essential part 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 have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Putney conveyancing firm to act on my behalf?
Most certainly. We can put you in touch with a Putney conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Putney property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case affected 3 flats. The unexpired residue of the current lease was 66.25 years.