We wanted to use a conveyancing solicitor in Thornton Heath for our house move. Our financial adviser informed us that our mortgage company Leeds Building Society won't deal with them. Surely this is unfair competition?
Pre- 2008 most banks had a different appetite for risk. Almost all Thornton Heath conveyancing firms would have been on many lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Thornton Heath conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Thornton Heath is amongst the thousands of areas where the solicitors we recommend are members of the panel for Leeds Building Society.
There is lots of information on this site regarding conveyancing in Thornton Heath but can you isolate your top tip for appointing the right conveyancer in Thornton Heath
We would encourage you not to base your choice on the cheapest Thornton Heath conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. 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.
Is it the case that all Thornton Heath solicitor firms on the Nationwide conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Principality are being difficult. The Thornton Heath solicitor who is on the Principality conveyancing panel is saying indemnity insurance will be fine but Principality are requiring a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality 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.
Should our solicitor be making enquiries regarding flooding as part of the conveyancing in Thornton Heath.
The risk of flooding is if increasing concern for lawyers dealing with homes in Thornton Heath. There are those who acquire a property in Thornton Heath, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Thornton Heath. The standard information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to discover whether the premises has ever been flooded. In the event that the property has been flooded in past which is not revealed by the vendor, then a purchaser could issue a claim for damages as a result of such an inaccurate response. A buyer’s conveyancers should also commission an environmental report. This will higlight if there is a recorded flood risk. If so, more detailed investigations should be initiated.
In what way can the Landlord & Tenant Act 1954 affect my commercial premises in Thornton Heath and how can you help?
The 1954 Act gives protection to business leaseholders, giving them the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Thornton Heath is one of our numerous locations in which the firms we work with are located
I work for a long established estate agency in Thornton Heath where we have witnessed a number of flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Thornton Heath conveyancing solicitors. Can you clarify whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I am the proprietor of a first floor flat in Thornton Heath. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the LVT to arrive at the premium.
An example of a Lease Extension case for a Thornton Heath property is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case related to 1 flat. The unexpired term as at the valuation date was 69.46 years.