I am progressing with the sale of my flat in Mitcham Junction and the EA has just text me to say that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Mitcham Junction ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 not going to have any impact on this.
My husband and I are refinancing our apartment in Mitcham Junction with Nationwide. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we remortgaged 5 years ago (2) Does our son by signing this giving up his rights to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide. This is solely used to protect Nationwide if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I decided to have a survey carried out on a property in Mitcham Junction in advance of retaining conveyancers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some lenders tend not give a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Mitcham Junction. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Mitcham Junction to see if the conveyancing costs will increase in light of this.
How does the Landlord & Tenant Act 1954 affect my business property in Mitcham Junction and how can you help?
The 1954 Act affords a safeguard to business tenants, granting the legal entitlement to apply to court for a renewal tenancy and remain in occupation at the end of the lease term. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Mitcham Junction is one of our many areas of the UK in which our lawyers are based
Being a tenant I am liable for a maintenance fee for my flat in Mitcham Junction. Due to losing my job and personal issues I fell behind with payments. I negotiated a payment plan but there remains in the region of £2000 due to be paid.
I am under pressure to dispose of the property and I am concerned this may hold me back if I have to pay off the arrears in advance. I'd like to sell up and then repay the debt from the proceeds - is this possible?
Your property lawyer should be in a position to negotiate with the appropriate parties, with a new to seeing if they would accept settlement out of the sale proceeds. Here is indicative of why it is sensible to use a property lawyer in Mitcham Junction as they are likely to have a strong line of communication with the parties.