My husband and I are purchasing a 1 bedroom flat in Orpington with a mortgage. We have a Orpington solicitor, however the lender advise she’s not on their "panel". It seems we have no option but to select one of the bank panel conveyancing practices or keep our Orpington property lawyer and pay for one of their panel lawyers to represent them. We feel that this is unjust; is there anything we can do?
Unfortunately,no. 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. Another option that might be available is for your Orpington conveyancing lawyer to apply to be on the conveyancing panel.
Our nephew is purchasing a new build apartment in Orpington with a mortgage from Santander. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Santander conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Santander conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why is leasehold purchase conveyancing in Orpington is more expensive?
In summary, leasehold conveyancing in Orpington and elsewhere usually involve extra due diligence compared to freehold transactions. This includes reviewing the lease, liaising with the landlord concerning the service of appropriate notices, obtaining current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first granted.
Expecting to sign contracts shortly on a ground floor flat in Orpington. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Orpington should include some of the following:
The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Rent payments - what is payable and what the invoice dates are, and be on notice if this is subject to change What the implications are if you breach a clause of your lease? Who has the liability to repair and maintain the building. It is important that you know who is duty bound to repair and maintenance of every part of the building You need to be told what is to be regarded as a Nuisance in the lease
I have given up trying to purchase the freehold in Orpington. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Orpington conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Orpington flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term as at the valuation date was 50.57 years.
I own a leasehold flat in Orpington. Conveyancing was finished in 21012. I have heard that I should not let the lease length get too short. Why is that a problem?
Orpington leasehold properties are for a fixed period - usually 99 years when they are first granted. However a significant flats in Orpington were constructed or converted in the 70’s80’s and so these leases now have under 80 years unexpired. This may seem like a long time but Banks, Building Societies and other mortgage companies generally need leases to have a minimum of seventy five years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are approaching 75 years. To optimize your property value you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to doing so before the lease hits eighty years as when the lease is less than 80 years the amount to be paid to extend starts to get a lot more expensive.