I am progressing with the sale of my ground floor flat in Gidea Park and the estate agent has just text me to say that the buyers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Gidea Park ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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 are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
Due to move into my new home in Gidea Park next Thursday. My conveyancer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 requirements. These obligations are not specific to conveyancing in Gidea Park.
Why do I have to pay up front for conveyancing in Gidea Park?
If you are buying a property in Gidea Park your lawyer will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the purchase price then this will be asked for shortly before exchange of contracts. Any further balance that is needed will be payable a few days ahead of the day of completion.
I have been told that property searches are the main cause of obstruction in Gidea Park conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of holding up conveyancing in Gidea Park.
I am buying a new build house in Gidea Park with a mortgage from Coventry Building Society. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The property agent advised me not inform my solicitor about the side-deal as it would affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What are your top tips when it comes to finding a Gidea Park conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Gidea Park conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Gidea Park conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
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What volume of lease extensions has the firm carried out in Gidea Park in the last 12 months? How experienced is the practice with lease extension legislation?
I am the proprietor of a first flat in Gidea Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the premium due for a lease extension?
Absolutely. We are happy to put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension case for a Gidea Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.