My husband and I are planning to acquire a 1 bedroom flat in Crayford with a mortgage. We have a Crayford conveyancer, but the bank advise she’s not on their "panel". It seems we have little option but to instruct one of the mortgage company panel solicitors or keep our Crayford solicitor and pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Crayford conveyancing solicitor to apply to be on the conveyancing panel.
Can you help? My Crayford solicitor is assuring me that he has toorder Crayford conveyancing searches asthe firm are on the HSBCconveyancing panel. Is my solicitor right?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Crayford conveyancing searches.
When does exchange of contracts take place for purchase conveyancing in Crayford and am I required to attend the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Crayford you are invited in to sign documents. However, the lender approved solicitors we recommend supply a national conveyancing service and give just as detailed and professional a job for you when dealing with you electronically. The executing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to address the formalities at the suitable time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Crayford)to be in the office at the appropriate time.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one round the corner in Crayford I like with amenity areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Crayford in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
If all goes to plan we aim to complete our sale of a £350,000 maisonette in Crayford in 10 days. The management company has quoted £384 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Crayford?
Crayford conveyancing on leasehold maisonettes often involves the purchaser’s conveyancer submitting enquiries for the landlord to address. Although the landlord is not legally bound to answer such questions most will be willing to assist. They are at liberty to invoice a reasonable charge for answering questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is £350, in some situations it exceeds £800. The administration charge levied by the landlord must be sent together with a summary of rights and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that one has no choice but to pay whatever is requested of you should you wish to exchange contracts with the buyer.
We have reached the end of our tether in trying to purchase the freehold in Crayford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the premium.
An example of a Lease Extension decision for a Crayford premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case related to 13 flats. The unexpired residue of the current lease was 76 years.