I am not well enough to travel far from Sydenham. What is the rationale as to why all Sydenham solicitors are not on all mortgage company panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in banks and building societies purging a number of firms off their panel of approved conveyancing practitioners .
We are purchasing a brand new flat in Sydenham and my conveyancer is advising me that she is duty bound to the mortgage company to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold property in Sydenham but still invoiced for rent, why is this and what is this?
It is rare for properties in Sydenham and has limited impact for conveyancing in Sydenham 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have been referred to a conveyancing solicitor in Sydenham. I I am struggling to find out if they are on the TSB conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing you should do is call the lawyer and ask them whether they are on the lender panel. Alternatively you can call TSB who may be able to help.
Due to the guidance of my in-laws I had a survey completed on a property in Sydenham prior to instructing solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies may refuse to give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Sydenham. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a reputable estate agency in Sydenham where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local Sydenham conveyancing solicitors. Can you confirm whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Sydenham. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
You certainly can. We are happy to put you in touch with a Sydenham conveyancing firm who can help.
An example of a Lease Extension decision for a Sydenham flat is Flat 1 4 Border Crescent in March 2012. the Tribunal decided that the sum payable by the Applicants to the Respondent in respect of the new lease for the subject property should be £11,616.00 (ElevenThousand and Six Hundred and Sixteen Pounds) This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 72.04 years.