My partner and I are hoping to purchase a house in Bethnal Green and have instructed a Bethnal Green conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this morning contacted us to inform me that they have now hit a problem as our Bethnal Green lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Bethnal Green solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
The Bethnal Green conveyancing firm handling our Bethnal Green conveyancing has discovered a discrepancy when comparing the information in the valuation report and what is in the legal papers for the property. My lawyer informs me that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach appropriate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am purchasing a right to buy a flat in Bethnal Green. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Bethnal Green you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bethnal Green.
I need to instruct a conveyancing solicitor in Bethnal Green for my house move. Is there any facility to review a solicitor's record with the profession’s regulator?
Anyone may review presented Solicitor Regulator Association (SRA) decisions stemming from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could monitor call for training requirements.
I have just started marketing my 2 bed apartment in Bethnal Green. Conveyancing has not commenced, but I have just had a yearly service charge demand – what should I do?
The sensible thing to do is discharge the invoice as normal given that all rents and service payments will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can I make an application to the Leasehold Valuation Tribunal? Can you recommend a Bethnal Green conveyancing firm to act on my behalf?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the premium.
An example of a Lease Extension decision for a Bethnal Green flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired term as at the valuation date was 72.39 years.
I dont have enough spare cash to pay a 10% deposit on my apartment purchase in Bethnal Green , but I am anxious go ahead. What can I do?
You can agree a lesser deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment