My fiance 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 lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Yorkshire Building Society have this morning contacted us to advise us that they have now hit a problem as our Wallington conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent 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 Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Wallington lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My husband and I are purchasing a brand new duplex in Wallington and my conveyancer is advising me that she has to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company 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 am the registered owner of a freehold house in Wallington but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Wallington and has limited impact for conveyancing in Wallington 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
How does conveyancing in Wallington differ for newly converted properties?
Most buyers of new build property in Wallington approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Wallington usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Wallington or who has acted in the same development.
My husband and I are new on the property ladder - agreed a price, but the property agent told us that the seller will only proceed if we use their preferred lawyers as they need a ‘quick sale’. We would rather use a high street solicitor with experience of conveyancing in Wallington
We suspect that the seller is not behind this ultimatum. If they require ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Speak to the vendors direct and make the point that (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your preferred Wallington conveyancing lawyers - not the ones that will give their estate agent a kickback or hit his conveyancing figures demanded by HQ.
I am in need of some leasehold conveyancing in Wallington. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and almost all are in Wallington - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a second floor flat in Wallington. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Most definitely. We can put you in touch with a Wallington conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Wallington property 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 related to 2 flats. The remaining number of years on the lease was 72 years.