My husband and I are looking to purchase a flat in Wimbledon and are in fact using a Wimbledon conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Britannia have this morning contacted us to advise us that there is now an issue as our Wimbledon lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the mortgage company. 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 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Wimbledon solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
What does my ID and proof of funds have anything to do with my conveyancing in Wimbledon? Why is this being asked of me?
In order to comply with Money Laundering Regulations any Wimbledon conveyancing firm will require proof of identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill evidencing where you live.
Under Money Laundering Regulations, conveyancers are duty bound to ascertain not just the identity of conveyancing clients but also the origin of fund that they receive in respect of any matter. Refusal to disclose this may result in your conveyancer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
I am purchasing a new build house in Wimbledon with a loan from Godiva Mortgages Ltd. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The property agent told me not inform my conveyancer about this extras as it may affect my mortgage 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.
Due to the input of my in-laws I had a survey completed on a property in Wimbledon in advance of instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wimbledon. Conveyancing will be smoother if you use a solicitor in Wimbledon especially if they are accustomed to such properties in Wimbledon.
I am looking for a conveyancing solicitor in Wimbledon for my house move. Can I check a solicitor's complaints history with the legal regulator?
You can see published Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The regulator could recorded telephone calls for training reasons.
I am attracted to a couple of apartments in Wimbledon both have approximately forty five years left on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Wimbledon is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wimbledon conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Wimbledon. 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 Wimbledon conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Wimbledon property is 629 Garratt Lane in September 2014. The consideration payable for the acquisition of the freehold of the subject property was the sum £21,302.74. This represented a valuation of the freehold in the sum of £23,864 from which the sum of £2561.27 has been deducted in respect of certain costs in repairing and insuring the premises This case was in relation to 3 flats. The unexpired residue of the current lease was 72.94 years.