I am getting a mortgage offer from Lloyds. I hope to use a Licensed Conveyancer in Lambeth. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the CLC.
We see that you have a post code search directory listing law firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Lambeth?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Lambeth.
We have agreed to purchase a house in Lambeth. A rare aspect is that the roof has a solar panel. Nationwide have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Nationwide your lawyer must comply with the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Nationwide. The Council of Mortgage Lenders’ Handbook contains minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Nationwide where a lease does not satisfy these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Lambeth.
I recently had an offer accepted on an apartment in Lambeth. My mortgage broker suggested a lawyer. I paid an upfront payment of £150. Not long after, the lawyer contacted me to say that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in February 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Skipton are being a right pain. The Lambeth solicitor who is on the Skipton conveyancing panel is recommending indemnity insurance as a solution but Skipton are requiring a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton 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'm remortgaging my current home to a BTL loan with Norwich and Peterborough Building Society and intend to use the remaining equity as a down payment on another property. The location we are talking about is Lambeth. Will your conveyancers be able to act for the two mortgage companies and tie in the conveyances?
Do use our comparison tool on this page to check that the solicitors are approved by both mortgage companies. Assuming that they are your solicitor will be able to simultaneously deal with the two conveyancing matters but you should have a chat with you lawyer and make clear your expectations and needs.
I am tempted by the attractive purchase price for a couple of flats in Lambeth both have approximately 50 years remaining on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Lambeth is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Lambeth 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Lambeth. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a absentee landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to arrive at the price payable.
An example of a Lease Extension decision for a Lambeth property 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 number of years remaining on the existing lease(s) was 56 years.