We are purchasing a new build flat in South Wimbledon and my solicitor is advising me that she has to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you explain why leasehold purchase conveyancing in South Wimbledon costs more?
In summary, leasehold conveyancing in South Wimbledon and elsewhere usually necessitates additional hours of investigation compared to freehold transactions. This includes lease investigation, communicating with the landlord concerning serving appropriate notices, securing up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first granted.
What happens if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in South Wimbledon?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What will a local search tell me about the property we're purchasing in South Wimbledon?
South Wimbledon conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Searchflow The local search plays a central part in many a South Wimbledon conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
We are a couple of weeks into a leasehold purchase having been directed to conveyancers by the local agent to carry out the conveyancing in South Wimbledon. I am am starting to be frustrated with the level of service. Can you help me find new solicitors?
They would have to be really bad in order to consider replacing them. Has your mortgage been generated? If so you will need to make them aware of the replacement solicitor and ensure the offer are re-sent. Your new conveyancer needs to be on the banks panel to avoid supplemental charges and complications. That should be your first question of the new lawyers. The search tool can help you find a lender approved lawyer for your home move in South Wimbledon
I want to let out my leasehold flat in South Wimbledon. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Some leases for properties in South Wimbledon do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I inherited a ground-floor 1960’s flat in South Wimbledon. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to decide the sum to be paid.
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 number of years remaining on the existing lease(s) was 62.94 years.