I am in the process of selling my ground floor flat in West Dulwich and the EA has just telephoned to advise that the buyers are swapping law firm. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to select for their conveyancing in West Dulwich ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Some 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 buyers are unlikely to have any impact on this.
How does conveyancing in West Dulwich differ for newly converted properties?
Most buyers of new build residence in West Dulwich contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in West Dulwich typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in West Dulwich or who has acted in the same development.
I have been pointed in your direction by numerous property agents in West Dulwich to get a quote from a conveyancer on your site. Is there a financial advantage for Estate Agents to promote your lawyers over and above alternative conveyancing organisations?
We refuse to offer any referral fee for directing people in our direction. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Am I better off to use a West Dulwich conveyancing lawyer in close proximity to the house I am hoping to buy? We have a good friend who can execute the legal work but her office is 300kilometers away.
The benefit of a local West Dulwich conveyancing practice is that you can visit the firm to sign paperwork, hand in your ID and pester them if necessary. Having local West Dulwich know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were impressed that must outweigh using an unknown West Dulwich conveyancing lawyer solely due to them being local.
I have just appointed agents to market my ground floor apartment in West Dulwich. Conveyancing solicitors are to be appointed soon, however I have just had a yearly maintenance charge invoice – should I leave it to the buyer to sort out?
It best that you discharge the invoice as usual as all rents and service charges will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Following years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in West Dulwich. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a West Dulwich conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a West Dulwich property is 8 Deerbrook Road in May 2010. the Tribunal held that the enfranchisement price, in accordance with section 32 and Schedule 6 of the Leasehold Reform, Housing and Urban Development Act 1993 was £22,820, payable by the Applicants. By an order of the Lambeth County Court dated 17 June 2009 the case had been transferred to the Leasehold Valuation Tribunal for its determination of the premium payable This case affected 3 flats.