Me and my fiance are purchasing a 3 bedroom apartment in South Norwood with a mortgage. We would like to retain our South Norwood solicitor, however the bank advise she’s not on their "panel". It appears that we have little choice but to select one of the mortgage company panel firms or retain our South Norwood conveyancer as well as pay for one of their panel firms to act for them. This feels very unfair; are we not able to insist that the bank use our South Norwood conveyancing practitioner ?
No, not really. Your mortgage offer 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. Another option that might be available is for your South Norwood conveyancing solicitor to apply to be on the conveyancing panel.
Due to move into my new home in South Norwood next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. 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 Part 2 conditions. These obligations are not specific to conveyancing in South Norwood.
Will commercial conveyancing searches disclose impending roadworks that may impact a commercial site in South Norwood?
Its becoming the norm that commercial conveyancing solicitors in South Norwood will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in South Norwood. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in South Norwood.
For every commercial conveyancing transaction in South Norwood it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may cause delays to South Norwood commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in South Norwood.
3 months have gone by since my purchase conveyancing in South Norwood completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a ground for flat up to £195,000 and found one round the corner in South Norwood I like with a park and station in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in South Norwood in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I'm refinancing my current property to a buy to let loan with Britannia and I will use the ballance of the raised equity towards further house. The area we are looking at is South Norwood. Will your solicitors be able to act for both sets of mortgage companies and link together the transactions?
Make use of our search tool on this page to check that the solicitors are on the relevant lender panels. On the basis that they are your conveyancer will be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and communicate your expectations and requirements.