My partner and I are planning to buy a property in Thornton Heath and have appointed a Thornton Heath conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Skipton Building Society have this evening contacted us to advise us that they have now hit a problem as our Thornton Heath solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is usual for the purchasers' lawyers 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 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 lender’s conveyancing panel as you are at liberty to use your preferred Thornton Heath lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Me and my fiancee are purchasing our first home. Our conveyancing practitioner has calledto ask if we would like to purchase additional conveyancing searches. Frankly we in the dark as to what's recommended for conveyancing in Thornton Heath
The range of Thornton Heath conveyancing searches depends primarily on the premises, the location, the possibility of any of these risks, your knowledge of the region and risks, your general appetite to risk. What matters is that you properly comprehend what information the searches could give you. You may then make a decision if you consider that you need that information. Where you are unclear, ask the solicitor to advise.
Having sold my house in Thornton Heath last June but our buyer keeps telephoning me to say their lawyer is waiting to hear from mylawyer. What are the post completion sale legalities following completion?
After completion of your sale your solicitor should deliver the transfer deeds and all supplemental paperwork to the buyer’s solicitors. If applicable, your conveyancer must also confirm that the home loan has been paid off to the purchasers conveyancers. There is unlikely to be post completion requirements specific conveyancing in Thornton Heath.
How does conveyancing in Thornton Heath differ for new build properties?
Most buyers of new build or newly converted property in Thornton Heath contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Thornton Heath tend to buy the site, 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 conveyancing solicitors 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 used to new build conveyancing in Thornton Heath or who has acted in the same development.
Can you provide any top tips for leasehold conveyancing in Thornton Heath from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Thornton Heath can be reduced where you appoint lawyers the minute you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ lawyers. Some Thornton Heath leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you hold a share in a the freehold, you should make sure that you have the original share document. Obtaining a duplicate share certificate can be a time consuming formality and delays many a Thornton Heath home move. If a reissued share is necessary, you should approach the company officers or managing agents (if relevant) for this at the earliest opportunity. You believe that you know the number of years left on your lease but you should verify this by asking your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in Thornton Heath state that internal structural alterations or installing wooden flooring require a licence from the Landlord acquiescing to such works. If you fail to have the paperwork to hand do not contact the landlord without checking with your lawyer first.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Thornton Heath conveyancing firm to represent me?
in cases where there is a missing freeholder or if there is disagreement 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 Leasehold Valuation Tribunal to calculate the sum to be paid.
An example of a Lease Extension decision for a Thornton Heath flat is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The remaining number of years on the lease was 69.46 years.