I am not in a position to travel far from Orpington. Is there a reason why all Orpington lawyers aren't included on all lender panels?
Pre- 2008 most mortgage companies had an approach to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into fraud which concluded: know the conveyancing practitioners on your panel. As a result, banks have since looked to extract more data from law firms regarding their processes and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of amount of transactions the mortgage companies insisted on.
My house in Orpington is up for sale and I have a purchaser. Will the solicitor need to be on the Bank of Ireland conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
2 months have gone by since my purchase conveyancing in Orpington completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Orpington differ for new build properties?
Most buyers of new build or newly converted property in Orpington contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Orpington usually 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 conveyancing solicitors 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 Orpington or who has acted in the same development.
I today plan to offer on a house that appears to be perfect, at a reasonable price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Orpington. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Orpington ?
Most houses in Orpington are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are purchasing in Orpington so you should seriously consider looking for a Orpington conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a contribution towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should advise you fully on all the issues.
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a Orpington conveyancing firm to act on my behalf?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to arrive at the sum to be paid.
An example of a Lease Extension case for a Orpington premises 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 number of years remaining on the existing lease(s) was 50.57 years.