We are planning to buy a 3 bedroom flat in South West London with a mortgage. We would like to retain our South West London lawyer, but the bank advise he's not on their "panel". We have to appoint one of the mortgage company panel firms or keep our South West London conveyancer as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; are we not able to demand that the lender use our South West London solicitor ?
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. A further alternative is for your South West London conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in South West London? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you are required to sign should confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you are unwilling to supply ID verification documents, your solicitor can not take you on as a client.
It has been four months since my purchase conveyancing in South West London took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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 purchasing my first flat in South West London benefiting from help to buy. The developers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not inform my solicitor about the deal as it will jeopardize my loan with the lender. Is this normal?.
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 need to appoint a conveyancing solicitor for purchase conveyancing in South West London. I happened to stumble upon a site which looks to be the ideal offering If there is a chance to get all formalities done via email that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Can you provide any top tips for leasehold conveyancing in South West London from the perspective of expediting the sale process?
- Much of the delay in leasehold conveyancing in South West London can be bypassed if you get in touch lawyers the minute you market your property and ask them to collate the leasehold information needed by the purchasers’ lawyers. Many freeholders or managing agents in South West London charge for supplying management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in South West London. If you have carried out any alterations to the residence would they have required Landlord’s approval? Have you, for example installed wooden flooring? South West London leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord approving such works. If you fail to have the paperwork to hand you should not contact the landlord without checking with your conveyancer first. If you hold a share in a the Management Company, you should ensure that you have the original share document. Organising a new share certificate can be a lengthy process and delays many a South West London conveyancing transaction. Where a new share is required, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity.
I am the leaseholder of a garden flat in South West London. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for the purchase of the freehold?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to determine the sum to be paid.
An example of a Freehold Enfranchisement case for a South West London residence is 78 & 80 Newport Road in January 2013. the Tribunal concluded that the premium to be paid by the leaseholder in respect of the freehold reversion is £23,105 This case was in relation to 2 flats. The unexpired term was 71.63 years.