My wife and I are buying a 2 bedroom flat in Streatham with a mortgage. We would like to retain our Streatham conveyancer, but the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Streatham property lawyer and pay for one of their panel ones to represent them. This seems very unfair; can we not require that the bank use our Streatham lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Streatham conveyancing lawyer to apply to be on the conveyancing panel.
I am the registered owner of a freehold residence in Streatham but nevertheless pay rent, why is this and what is this?
It is rare for properties in Streatham and has limited impact for conveyancing in Streatham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Various online forums that I have frequented warn that are the number one cause of stalling in Streatham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Streatham.
I have been pointed in your direction by numerous property agents in Streatham to get a quote from a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to offer your lawyers ahead of another?
We don’t give any referral fee for sending work in our direction. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Streatham. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Streatham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Streatham in which case you should be looking for a Streatham conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the property is part of an estate. Your solicitor will advise you fully on all the issues.
I am the leaseholder of a ground floor flat in Streatham. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
in cases where there is a absentee landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to determine the price.
An example of a Lease Extension case for a Streatham residence is Flat 12, Newlands Court Streatham Common North in May 2012. the decision of the Tribunal was that the premium payable by the Applicants to the Respondent for the new lease of the Premises be £70,140. This case related to 1 flat. The unexpired term was 23.25 years.
I’m about to sell my garden apartment in Streatham.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge invoice – what should I do?
It best that you pay the service charge as you normally would because all ground rent and service charges should be apportionedon completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially