I am progressing with the sale of my ground floor flat in East Beckton and the estate agent has just called to warn that the purchasers are switching conveyancer. The reason given is that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to appoint for their conveyancing in East Beckton ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
Last June we completed a house move in East Beckton. We have noticed several issues with the property which we believe were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been conducted as part of conveyancing in East Beckton?
The query is not clear as to the nature of the problems and if they are relate to conveyancing in East Beckton. Conveyancing searches and due diligence initiated during the buying process are supposed to help avoid problems. As part of the legal transfer of property, the vendor completes a questionnaire known as a SPIF. If the information is misleading, then you may have a claim against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in East Beckton.
I own a freehold residence in East Beckton yet invoiced for rent, why is this and what is this?
It is rare for properties in East Beckton and has limited impact for conveyancing in East Beckton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Should our solicitor be making enquiries about flooding as part of the conveyancing in East Beckton.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in East Beckton. Plenty of people will acquire a property in East Beckton, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a various searches that can be initiated by the purchaser or by their conveyancers which should give them a better appreciation of the risks in East Beckton. The standard information given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the vendor to find out whether the premises has ever been flooded. If the property has been flooded in past and is not disclosed by the vendor, then a purchaser could bring a claim for damages as a result of such an inaccurate reply. A buyer’s lawyers will also order an enviro search. This should reveal if there is any known flood risk. If so, further inquiries will need to be conducted.
I have been on the look out for a ground for flat up to £235,500 and identified one close by in East Beckton I like with open areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in East Beckton suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
How can the Landlord & Tenant Act 1954 affect my commercial premises in East Beckton and how can you help?
The particular law that you refer to affords security of tenure to commercial lessees, granting the dueness to apply to court for a new tenancy and remain in occupation when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. East Beckton is one of the numerous areas of the UK in which the firms we work with are based