I am selling my home in Selhurst and the EA has just telephoned to say that the purchasers are switching solicitor. The excuse is that the mortgage company will only deal with solicitors on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Selhurst ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Can the conveyancing practitioners that you recommend handle right to buy conveyancing in Selhurst?
We have identified plenty of conveyancing practitioners carrying out right to buy transactions Do e-mail us in order to obtain a costs calculation.
I am the registered owner of a freehold premises in Selhurst but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Selhurst and has limited impact for conveyancing in Selhurst but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Will my solicitor be raising enquiries concerning flooding during the conveyancing in Selhurst.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Selhurst. There are those who buy a house in Selhurst, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to impart advice on flood risk, but there are a various searches that may be carried out by the buyer or by their lawyers which should figure out the risks in Selhurst. The standard information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to find out if the property has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser could bring a compensation claim resulting from an incorrect response. A buyer’s solicitors should also commission an environmental search. This should higlight whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
I have had difficulty in negotiating a lease extension in Selhurst. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most definitely. We are happy to put you in touch with a Selhurst conveyancing firm who can help.
An example of a Lease Extension case for a Selhurst property is Flats 55, 67 & 70 Melbourne Court Anerley Road in July 2013. The tribunal calculated that the premium for the extended lease at £48,366.00 for at 55, and £88,329.00 for ats 67 and 70 combined. This case affected 1 flat. The remaining number of years on the lease was 26.38 years.
When it comes to leasehold conveyancing in Selhurst what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Selhurst. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Maintenance charge proportions which don’t add up to the correct percentage A provision to repair to or maintain elements of the property
You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Leeds Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.
What type of premises does your Selhurst conveyancing quotes relate to?
Our conveyancing quotes are only relevant to standard residential property in England & Wales. Should you have any different requirements such as industrial or agricultural property or commercial conveyancing in Selhurst do telephone us to discuss your requirements .