I am 3 weeks into the sale of my ground floor flat in Lambeth and the estate agent has just e-mailed to advise that the purchasers are swapping property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Lambeth ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The buyers are unlikely to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Lambeth?
If you are buying a property in Lambeth your solicitor will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this will be needed immediately ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
If you had a top tip for choosing a conveyancing solicitor in Lambeth what would it be?
It would be unwise to be swayed by the cheapest Lambeth conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
We had appointed conveyancing lawyers based in Lambeth on the Nationwide solicitor panel. They have just billed me an additional amount for dealing with the Nationwide mortgage. Is this an additional conveyancing fee set by Nationwide?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your property lawyer can levy a fee for this. The charge is not dictated by Nationwide but by your Lambeth solicitor. Numerous firms on the Nationwide panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
I am buying a property in Lambeth. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Principality be concerned?
Given that you are obtaining a mortgage with Principality your lawyer must comply with the formal requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and lawyers are required to report to Principality where a lease fails to comply with these specifications. The requirements relate to the installation of panels on properties nationwide and is not restricted to Lambeth.
I need some quick conveyancing in Lambeth as I have a deadline to complete within one month. A home loan is not required. Can I escape the need for conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you have the choice not to have searches conducted although no conveyancer would suggest that you don't. Drawing on our experience of conveyancing in Lambeth the following are examples of issues that can arise and adversely affect future mortgageability: Enforcement Notices, Overdue Charges, Overdue Grants, Railway Schemes,...
My wife and I purchased a leasehold flat in Lambeth. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing solicitor in Lambeth who acted for me is not around. Any advice?
The first thing you should do is contact HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. You do not need to instruct a Lambeth conveyancing lawyer to do this as you can do this on the Land Registry website for £3. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a first flat in Lambeth. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Most certainly. We are happy to put you in touch with a Lambeth conveyancing firm who can help.
An example of a Lease Extension case for a Lambeth flat is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 56 years.