I was advised recently by my estate agent that my South Tottenham the law firm I have appointed is not on the bank Conveyancing panel. What can I do to be certain whether this is indeed the case?
You need to contact your South Tottenham lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they may recommend you to a South Tottenham conveyancing firm that is on the conveyancing panel for your mortgage company.
How up to date is your search tool for South Tottenham conveyancing solicitors on the Lloyds conveyancing panel? Do Lloyds send you an updated list?
South Tottenham conveyancing firms themselves provide us confirmation that they are on the Lloyds conveyancing panel as opposed to being supplied with a list from Lloyds directly.
Is there a list of HSBC panel conveyancers in South Tottenham on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings open the public online. If you are seeking to appoint a South Tottenham conveyancer on the HSBC please use our facility.
The mortgage over my property is with Kent Reliance for my property in South Tottenham. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval in advance of renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my South Tottenham building society branch on various occasions and was reassured it wasn't an issue and they would lend. My South Tottenham conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend based on their specific requirements. I simply don't know who is right.
Your property lawyer must comply with the Council of Mortgage Lenders’ Handbook section two specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing my first flat in South Tottenham with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent told me not inform my solicitor about the side-deal as it may adversely affect my loan with the bank. 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.
Last August I purchased a leasehold house in South Tottenham. Am I liable to pay service charges for periods before my ownership?
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 ensure 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 attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a South Tottenham conveyancing firm to represent me?
Where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a South Tottenham premises is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case affected 2 flats. The unexpired lease term was 74.13 years.
When it comes to my conveyancing in South Tottenham should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some South Tottenham conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.