I had intended to instruct a property lawyer in South Wimbledon for our house purchase. Our broker has since advised us that our bank Barnsley Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Lenders ordinarily restrict either the category or the volume of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must not be a sole practitioner. As well as restricting the profile of firm, some have decided to limit the amount of firms they use to represent them. Be aware that Barnsley Building Society have no responsibility for the quality of advice provided by any member of Barnsley Building Society Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels a few years ago even though there remains mixed opinions about the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near South Wimbledon only execute very few conveyances a year.
Is it the case that all South Wimbledon solicitors on the Leeds Building Society conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be governed by the SRA. Many banks do allow licenced conveyancers on their panel and in that case the firms would be regulated by the CLC.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a South Wimbledon conveyancer on the Virgin Money panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am due to exchange contracts on my apartment. I had a double glazing fitted in November 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Skipton are being pedantic. The South Wimbledon solicitor who is on the Skipton conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Skipton are insisting on a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been advised by a couple of local property agents in South Wimbledon to locate a property lawyer using your seach tool. Is there a financial incentive for Estate Agents to offer your services rather than alternative conveyancing organisations?
We don’t give any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Having had my offer accepted I require leasehold conveyancing in South Wimbledon. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and most are in South Wimbledon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have given up negotiating a lease extension in South Wimbledon. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Lease Extension matter before the tribunal for a South Wimbledon premises is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired term was 62.94 years.
When it comes to my conveyancing in South Wimbledon should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some South Wimbledon conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.