My wife and I are looking to buy a home in Wallington and are in fact using a Wallington conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Nationwide Building Society have this morning contacted us to inform me that they have now hit a problem as our Wallington conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your bank 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 and you may continue to use your own Wallington solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
There are numerous conveyancing solicitors in Wallington but how do I know who I should use?
It would be unwise to be swayed by the cheapest Wallington conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Is it the case that all Wallington solicitor practices on the Barclays conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be overseen by the CLC.
I have decided to exercise my right to buy my property in Wallington off the council. I have a mortgage agreed with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
Will my solicitor be raising questions concerning flooding during the conveyancing in Wallington.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Wallington. Plenty of people will purchase a house in Wallington, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a number of searches that can be carried out by the purchaser or by their lawyers which should give them a better understanding of the risks in Wallington. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to discover if the property has suffered from flooding. If flooding has previously occurred which is not disclosed by the vendor, then a purchaser could commence a legal claim for losses as a result of such an misleading answer. A purchaser’s solicitors may also carry out an enviro search. This should indicate whether there is any known flood risk. If so, further inquiries should be made.
I'm purchasing my first flat in Wallington with a mortgage from TSB. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not reveal to my conveyancer about this side-deal as it could adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Wallington is the location of the property. Can you offer any guidance?
Flying freeholds in Wallington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wallington you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wallington may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Can you offer any advice when it comes to choosing a Wallington conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Wallington conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Wallington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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Can they put you in touch with clients in Wallington who can give a testimonial? What are the charges for lease extension conveyancing?
After months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Wallington. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or where there is dispute 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 sum to be paid.
An example of a Freehold Enfranchisement decision for a Wallington residence is 21 & 23 Carshalton Grove in May 2009. the Tribunal adopted the figures presented as the premiums payable by the Applicant i.e. a total of £20,750. This case was in relation to 2 flats. The remaining number of years on the lease was 72 years.