I am nearing exchange of contracts for my house in Vauxhall and the estate agent has just text me to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Vauxhall ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The buyers are unlikely to have any sway in the decision.
I am only a couple days away from an exchange on a property in Vauxhall and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
Your lawyer is duty bound to check with the bank to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your bank if you agree, failing which, your lawyer must cease to continue acting.
My friend suggested that where I am buying in Vauxhall I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes quoted for as part of the standard Vauxhall conveyancing searches. It is a large report of more than thirty pages, listing and setting out important information about Vauxhall around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Vauxhall Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful information regarding Vauxhall.
I am buying my first flat in Vauxhall with a mortgage from HSBC Bank. The sellers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my conveyancer about this side-deal as it would affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a conveyancing solicitor in Vauxhall for my house move. Is there any facility to check a solicitor's record with the profession’s regulator?
One may search for documented Solicitor Regulator Association (SRA) decisions resulting from investigations commenced on or after 1 January 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.
I would like to rent out my leasehold flat in Vauxhall. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
A small minority of properties in Vauxhall 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 dictates 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 have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Vauxhall conveyancing firm to help?
Where there is a missing 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 Leasehold Valuation Tribunal to arrive at the amount due.
An example of a Lease Extension decision for a Vauxhall premises is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired term was 56 years.