Unfortunately I am unable to travel far from New Cross. I would like to know the reason why all New Cross property lawyers aren't automatically on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It led to mortgage companies purging less reputable firms off their books of approved solicitors .
My brother and I have just acquired a house in New Cross. We have noticed several problems with the property which we believe were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been conducted as part of conveyancing in New Cross?
The query is not clear as what problems have arisen and if they are unique to conveyancing in New Cross. Conveyancing searches and investigations undertaken as part of the buying process are carried out to help avoid problems. As part of the legal transfer of property, the vendor completes a form referred to as a SPIF. answers is inaccurate, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in New Cross.
I am the registered owner of a freehold residence in New Cross but still pay rent, why is this and what is this?
It is rare for properties in New Cross and has limited impact for conveyancing in New Cross but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My lender has recommended solicitors on their panel based in New Cross but I would rather instruct a conveyancing lawyer in New Cross local to me. Can you assist?
It is by no means the case that all New Cross conveyancing practices are approved and listed on all banks conveyancing panel. Use our find an approved solicitor tool to locate a New Cross conveyancing solicitor on the on the lender panel.
Can you offer any advice when it comes to appointing a New Cross conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a New Cross conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non New Cross conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
How familiar is the firm with lease extension legislation? If they are not ALEP accredited then what is the reason?
We have reached the end of our tether in trying to purchase the freehold in New Cross. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a New Cross conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a New Cross flat is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case was in relation to 3 flats. The unexpired lease term was 80.01 years.