I am in the process of selling my house in Gidea Park and the estate agent has just telephoned to warn that the buyers are swapping property lawyer. The excuse is that the bank will only deal with property lawyers on their approved list. Why would a leading lender only work with certain law firms rather the firm that they want to select to handle their conveyancing in Gidea Park ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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 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 buyers are unlikely to have any impact on this.
I own a freehold house in Gidea Park but still invoiced for rent, why is this and what is this?
It is rare for properties in Gidea Park and has limited impact for conveyancing in Gidea Park 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 generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
We're in Gidea Park, FTBs buying with a mortgage (lender is Barclays , and our solicitor is on the Barclays conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Barclays conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Gidea Park.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Gidea Park. There are those who purchase a property in Gidea Park, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Gidea Park. The conventional set of completed inquiry forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the premises has historically flooded. In the event that the residence has been flooded in past and is not notified by the seller, then a buyer could issue a legal claim for losses as a result of such an incorrect reply. The purchaser’s solicitors will also order an enviro search. This should indicate if there is a recorded flood risk. If so, additional investigations should be conducted.
I have recentlybeen informed that Action Conveyancing have closed. They conducted my conveyancing in Gidea Park for a purchase of a freehold house 18 months ago. How can I check that my home is in my name in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Gidea Park conveyancing specialists.
What advice can you give us when it comes to appointing a Gidea Park conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (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 conveyancing. We advise that you make enquires with two or three firms including non Gidea Park conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then what is the reason?
Despite our best efforts, we have been unsuccessful in trying to purchase the freehold in Gidea Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Gidea Park conveyancing firm who can help.
An example of a Lease Extension decision 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 unexpired term as at the valuation date was 57.5 years.