My fiance and I are planning to buy a flat in Bow and have instructed a Bow conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Scotland have this evening contacted us to advise us that there is now an issue as our Bow solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 Accreditation 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bow solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
How does conveyancing in Bow differ for new build properties?
Most buyers of new build or newly converted property in Bow contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Bow 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 property lawyers 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 used to new build conveyancing in Bow or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Bow is where the house is located. What do you suggest?
Flying freeholds in Bow are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bow you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bow may determine 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.
Given that I am about to spend over three hundred thousand on a house in Bow I wish to have a conversation with the lawyer about myhouse move in advance of appointing the firm. Can this be arranged?
Absolutely - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your conveyancing in Bow.There is no ‘factory style conveyancing’ - every client is an important person, not a file number. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Bow should be the amount on the final invoice that you are charged.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Bow. I happened to discover a site which appears to be the ideal solution If there is a chance to get all this stuff completed via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold house in Bow. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a basement flat in Bow. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to determine the sum to be paid.
An example of a Freehold Enfranchisement case for a Bow property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.