I am in the process of selling my maisonette in Old Coulsdon and the EA has just telephoned to warn that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Old Coulsdon ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
I am about to exchange buying a property in Old Coulsdon but as a consequence of damage from the recent storms I have managed to agree reparation from the vendor of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process but Lloyds will not agree to this. Should they have been involved?
The solicitor being on a Lloyds approved list is obliged to advise Lloyds of any changes to the sale price. If you were to refuse your conveyancing practitioner to disclose the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new lawyer for your conveyancing in Old Coulsdon.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Old Coulsdon I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Old Coulsdon for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.
My father has suggested that I instruct his conveyancers in Old Coulsdon. Should I use them?
No doubt the ideal way to find a conveyancing practitioner is to seek referrals from friends or relatives who have experience in using the solicitor you're are thinking of instructing.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently found out that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a house with a leasehold title in Old Coulsdon. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Old Coulsdon ?
Most houses in Old Coulsdon are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Old Coulsdon in which case you should be shopping around for a Old Coulsdon conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Old Coulsdon conveyancing firm to assist?
Where there is a missing landlord or if 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 Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Old Coulsdon residence is 223 Brighton Road in September 2013. The premium payable for the acquisition freehold of the properties should be £10,934 (Ten thousand,nine hundred and thirty four pounds) This case related to 3 flats. The unexpired lease term was 75 years.