My wife and I are looking to acquire a home in South Wimbledon and are in fact using a South Wimbledon conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Chelsea Building Society have this afternoon contacted us to advise us that they have now hit a problem as our South Wimbledon conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also act for the mortgage company. 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own South Wimbledon solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to move into my new home in South Wimbledon next Friday. My conveyancing practitioner now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for mortgage companies 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 UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in South Wimbledon.
How up to date is your database of South Wimbledon solicitors on the Nationwide conveyancing panel? Do Nationwide send you an updated list?
South Wimbledon conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I have justfound out that Arc property Solicitors have closed. They carried out my conveyancing in South Wimbledon for a purchase of a freehold house 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of South Wimbledon conveyancing specialists.
Due to the input of my in-laws I had a survey completed on a property in South Wimbledon ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some banks tend not give a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in South Wimbledon. Conveyancing may be slightly more expensive based on your lender's requirements.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £350,000 flat in South Wimbledon next week. The management company has quoted £408 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in South Wimbledon?
South Wimbledon conveyancing on leasehold flats nine out of ten times necessitates administration charges invoiced by managing agents :
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Addressing pre-exchange enquiries
Where consent is required before sale in South Wimbledon
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a South Wimbledon conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a South Wimbledon conveyancing firm who can help.
An example of a Lease Extension decision for a South Wimbledon property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case was in relation to 1 flat. The remaining number of years on the lease was 62.94 years.