It has come to my attention via my IFA that my Ilford property lawyer is not on the lender Solicitor panel. How can I be sure that this is correct?
Your first step should be to call your Ilford conveyancer. It is reasonable to expect your lawyer to advise you of the situation. If they are not on the panel they may be able to suggest a Ilford conveyancing firm that is on the conveyancing panel for your bank.
We wanted to use a property lawyer in Ilford for our house move. Our financial adviser informed us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Surely this is unfair competition?
Lenders in the main imposes restrictions either the type or the number of conveyancing practices on their member panel. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the profile of firm, some have decided to limit the number of firms they permit to represent them. Be aware that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are differing views regarding the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that thousands of law firms, including some in or near Ilford only perform a couple conveyances per annum.
How does conveyancing in Ilford differ for new build properties?
Most buyers of new build premises in Ilford contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because builders in Ilford tend to acquire the land, 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 accustomed to new build conveyancing in Ilford or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one near me in Ilford I like with amenity areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Ilford in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
How do I use your search tool to get a fee calculation from a conveyancing lawyer in Ilford on the panel for my bank?
First select a lender such as Birmingham Midshires, Virgin Money or Bank of Ireland then type in your location for instance Ilford. Conveyancing practices in Ilford and beyond should be shown.
Am I better off to use a Ilford conveyancing solicitor in close proximity to the house I am buying? We have a good friend who can deal with the legal work but his firm is located 400kilometers drive away.
The primary upside of using a high street Ilford conveyancing practice is that you can pop in to execute documents, deliver your ID and pester them where appropriate. They will also have local insight which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and they were happy that must surpass using an unfamiliar Ilford conveyancing lawyer just because they are round the corner.