My partner and I are hoping to buy a property in South Croydon and are in fact using a South Croydon conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Santander have this afternoon contacted us to advise us that there is now an issue as our South Croydon conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. 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 Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own South Croydon solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
We have a mortgage agreed in principle with Coventry BS. South Croydon conveyancing practitioners have been instructed. What is the average time that one could expect to receive a mortgage offer from Coventry BS?
Some lenders take longer than others. Have Coventry BS done the valuation? Have you advised Coventry BS as to your lawyers' details and checked that your lawyers are on the Coventry BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with HSBC. I assume I don't need a South Croydon conveyancing practitioner on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I have decided to exercise my right to buy my property in South Croydon off the council. I have a mortgage offer with Yorkshire BS. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Yorkshire BS, you will need to appoint a solicitor on the Yorkshire BS conveyancing panel.
I have been on the look out for a ground for flat up to £245,000 and identified one round the corner in South Croydon I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in South Croydon in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
How easy is it to use your search tool to locate a conveyancing solicitor in South Croydon on the approved list for my lender?
Step one is to pick a mortgage company such as Accord Mortgages Ltd, The Mortgage Works or Godiva Mortgages Ltd then specify your preferred area for example South Croydon. Conveyancing practices in South Croydon and nationally should be listed.
My brother has urged me to use his conveyancers in South Croydon. Do I take his recommendation?
There are no two ways about it it’s preferable to find a conveyancing practitioner is to have referrals from friends or family who have actually experience in using the firm you're considering.
Planning to exchange soon on a basement flat in South Croydon. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in South Croydon should include some of the following:
The physical extent of the premises. This could be the flat itself but might incorporate a attic or cellar if relevant. Defining your rights in respect of the communal areas in the block.For instance, does the lease provide for a right of way over a path or hallways? Information concerning the obligations in the lease to to contribute towards maintenance costs - in respect of the block, and the more general rights a tenant has Do you need to have carpet in the flat or are you allowed wood flooring?
Despite our best efforts, we have been unsuccessful in seeking a lease extension in South Croydon. Can this matter be resolved via the Leasehold Valuation Tribunal?
if there is a missing freeholder or where there is disagreement 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 decide the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a South Croydon residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case was in relation to 6 flats. The unexpired term was 78.32 years.