I hired a local solicitor for our conveyancing in Walworth yesterday. After carefully reading the Terms and Conditions it is apparent thatI am liable for costs even if our purchase doesn't happen. Should I go with them or use an on-line conveyancing company advertising no move no charge conveyancing in Walworth?
It is usually a trade off in that if "No Sale No Fee" is advertised then the fee levels will generally be uplifted to offset those cases that abort. Also remember that such deals generally do not cover outlay for example Walworth conveyancing search expenses.
Our lawyer has discovered a a problem with the lease for the property we are buying in Walworth. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
We were going to get a DIP from Santander this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Walworth solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Walworth solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
It is not clear whether my lender requires a lease extension. I have called into my local Walworth bank branch on various occasions and was reassured it wasn't an issue and they will lend. My Walworth conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend in accordance with their published requirements. I have no idea who is right.
The property lawyer must comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my apartment. I had a double glazing fitted in August 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Santander are being problematic. The Walworth solicitor who is on the Santander conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Santander are insisting on a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I own a 4 bedroom Victorian property in Walworth. Conveyancing lawyer represented me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the exact same address. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Walworth and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing solicitor who conducted the conveyancing.
I am purchasing a new build house in Walworth with a mortgage from National Westminster Bank. The sellers refused to reduce the amount so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my solicitor about the deal as it will put at risk my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
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.
Due to sign contracts shortly on a studio apartment in Walworth. Conveyancing solicitors assured me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Walworth should include some of the following:
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Alterations to the premises What options are available to the landlord where you have violated the provisions of the lease? You should be sent a copy of the lease Ground rent - what is payable and when you need to pay, and be on notice if this will change in the future You must be informed what counts as a Nuisance in the lease
After years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Walworth. Can we issue an application to the Residential Property Tribunal Service?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to assess the premium.
An example of a Freehold Enfranchisement case for a Walworth residence is 28 Valmar Road in June 2013. this was a case with an absentee freeholder. As a result the leaseholders applied to the Lambeth County Court for an order dispensing with the giving of a notice of claim. On 25 April 2013 District Judge Zimmels made a vesting order and directed that the matter should be transferred to this tribunal to determine the premium. The tribunal concluded on a figure of £1,125 This case affected 3 flats. The unexpired residue of the current lease was 968 years.