Is the fact that my conveyancer in Penge is not listed on my mortgage company's solicitor panel that there is a problem with the standard of her conveyancing?
That is more than likely an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Penge conveyancing practice and ask them why they are no longer on the approved list for your lender.
My conveyancer has uncovered a defect with the lease for the flat we are purchasing in Penge. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Penge.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Penge. Plenty of people will acquire a property in Penge, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, but there are a number of searches that can be initiated by the purchaser or by their conveyancers which will figure out the risks in Penge. The conventional set of property information forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out if the premises has suffered from flooding. In the event that the premises has been flooded in past which is not notified by the vendor, then a buyer could bring a claim for damages as a result of such an incorrect response. A purchaser’s solicitors may also order an enviro search. This should higlight if there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
It has been 3 months following my purchase conveyancing in Penge concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Penge is the location of the property. What do you suggest?
Flying freeholds in Penge are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Penge you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penge may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Frank (my husband) and I may need to sub-let our Penge 1st floor flat temporarily due to taking a sabbatical. We instructed a Penge conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Penge do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Penge. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or where there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the LVT to decide the price.
An example of a Lease Extension case for a Penge residence is Flats 5, 9, 38 & 40 Blakewood Court Anerley Park in January 2012. the tribunal held that the premiums payable for the new lease sare: FLAT 5:- £7,130 FLAT 9:- £7,860 FLAT 38:- £15,867 FLAT 40: £14,834 This case affected 4 flats.