Am I correct in assuming that the fact that my conveyancer in East London is not identified on my lender's solicitor panel that there is a problem with the standard of his work?
That is more than likely a wrong assumption to make. There are all sorts of perfectly 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 most common reasons for removal are: (1) low volume 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 simply call the East London conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
As someone with no idea as to conveyancing in East London what’s your top tip you can impart concerning the ownership transfer in East London
Not many law firms shout this from the rooftops but conveyancing in East London and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there is an abundance of room for confrontation between you and other parties involved in the house moving process. For instance, the seller, property agent and even potentially your mortgage company. Choosing a law firm for your conveyancing in East London should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to look after your legal interests and to protect you.
Sometimes a third party with a vested interest may attempt to persuade you that it is in your interests to do things their way. For example, the estate agent may claim to be helping by suggesting your solicitor is slow. Or your financial adviser may tell you to do something that is contrary to your solicitors advice. You should always trust your lawyer above all other parties in the home moving process.
We have a mortgage agreed in principle with Nottingham. East London conveyancing practitioners were instructed. How long does it take for Nottingham to send the offer to the lawyer?
There is no definitive answer here. Have Nottingham completed the survey? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am currently in the process of buying my council flat in East London. I have a mortgage agreed with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
I can not fathom if my bank requires a lease extension. I have called my East London bank branch on a couple of occasions and was told they are content with the situation and they would lend. My East London conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the property lawyer is on the mortgage company panel, they must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in East London I like with open areas and railway links in the vicinity, however it's only got 49 years on the lease. There is not much else in East London for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
How simple is it to transfer to a new solicitor as I have to appoint one who is on the Platform Home Loans Ltd conveyancing list. I was using a local conveyancing solicitor in East London round the corner but she is not approved by Platform Home Loans Ltd
It would be our pleasure to assist you select a conveyancing solicitor in East London on the Platform Home Loans Ltd panel. Please note that the conveyancers that we list do not pay us fee if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in East London. Using search facility on this website, you can scrutinise fees for conveyancing solicitors in East London and beyond.
I've recently bought a leasehold flat in East London. Am I liable to pay service charges for periods before my ownership?
In a situation 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. However, 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).
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in East London. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to arrive at the premium.
An example of a Freehold Enfranchisement matter before the tribunal for a East London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 73.26 years.