I am nearing exchange of contracts for my home in Sydenham and the estate agent has just text me to warn that the buyers are swapping conveyancer. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Sydenham ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a two bedroom flat in Sydenham. Do I pick up the keys to the house on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Sydenham?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you should be called to pick up the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
Can I be sure that the Sydenham conveyancing solicitor on the Virgin Money panel is any good?
When it comes to conveyancing in Sydenham obtaining recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always recommend that you speak with the solicitor carrying out your transaction.
I currently have a mortgage with Yorkshire BS for my property in Sydenham. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention in advance of renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
Due to the input of my in-laws I had a survey completed on a house in Sydenham prior to retaining solicitors. I have been informed that there is a flying freehold element to the property. The surveyor has said that some banks tend not give a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sydenham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Sydenham to see if the conveyancing will be more expensive.
Hoping to buy a property located in Sydenham and I am already nervous. I couldn't find anything specific about Sydenham. Conveyancing will be needed in due course but do you know about the Sydenham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Sydenham. In the meantime here are some basic statistics that we found
We're novice buyers - agreed a price, but the estate agent has warned us that the seller will only proceed if we appoint the agent's recommended solicitors as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Sydenham
We suspect that the owner is not behind this request. Should the owner want ‘a quick sale', alienating a serious buyer is likely to cause more damage than good. Speak to the vendors direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are unencumbered (d) you wish to move quickly (e)but you will continue to appoint your preferred Sydenham conveyancing lawyers - as opposed tothe ones that will provide the negotiator at the agency a introducer fee or hit his conveyancing thresholds pre-set by HQ.
Do you have any advice for leasehold conveyancing in Sydenham with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Sydenham can be bypassed if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is ongoing. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to present the dispute as over as opposed to unsettled. You believe that you know the number of years left on your lease but it would be advisable verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s permission? Have you, for example installed wooden flooring? Most leases in Sydenham state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the consents in place do not communicate with the landlord without checking with your lawyer before hand.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Sydenham conveyancing firm to help?
if there is a missing freeholder or if 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 make a decision on the amount due.
An example of a Lease Extension case for a Sydenham premises is Flat 5 4 Border Crescent in December 2013. the tribunal calculated that premium payable for the acquisition of a lease extension of the subject premises was in the sum of £14,900 (Fourteen thousand, nine hundred pounds). Those advising the applicant were advised to send a copy of the decision and a copy of the new lease with the premium (less the applicants costs as assessed by the Court) to the Croydon County Court (under claim number 3CR01226) for an officer of the Court to execute the new lease on behalf of the absentee landlord who is missing and cannot be traced). This case related to 1 flat. The unexpired residue of the current lease was 69 years.