My partner and I are hoping to buy a property in Sutton and are in fact using a Sutton conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this morning contacted us to advise us that there is now an issue as our Sutton conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is normal 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 Accreditation Scheme. Your solicitor 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Sutton lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My grandson is buying a new build apartment in Sutton with a home loan from Kent Reliance. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial site in Sutton?
Many commercial conveyancing solicitors in Sutton will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Sutton. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Sutton.
For each commercial conveyancing transaction in Sutton it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Sutton commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Sutton.
Me and my brother own a 4 bedroom Victorian house in Sutton. Conveyancing practitioner acted for me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sutton and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with the conveyancing practitioner who completed the work.
I'm refinancing my primary property to a buy to let loan with Lloyds TSB Bank and I will use the ballance of the raised equity as a down payment on another property. The neighborhood we are talking about is Sutton. Will your solicitors be able to act for both sets of banks and tie in the transactions?
Make use of our comparison tool on this site to check that the solicitors are approved by both mortgage companies. On the basis that they are your solicitor should be able to connect the two transactions but you should have a chat with you solicitor and specify your desired outcome and requirements.
I am the proprietor of a a ground floor purpose built flat in Sutton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Sutton conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Sutton property is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case was in relation to 2 flats. The unexpired residue of the current lease was 66.67 years.
Are there frequently found defects that you see in leases for Sutton properties?
There is nothing unique about leasehold conveyancing in Sutton. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the property
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Santander, Chelsea Building Society, and TSB all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to withdraw.