I am in the process of selling my house in Ilford and the EA has just e-mailed to say that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Ilford ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your buyers are not going to have any impact on this.
Can your site be used to find a Conveyancing solicitor in Ilford even where I’m not buying or selling a house, for example if I wish to buy an office in Ilford with a loan from The Mortgage Works?
The service is primarily utilised to get a quote from residential conveyancing solicitors in Ilford but we have set out towards the bottom of this page a few Ilford commercial conveyancing firms. You should make contact with the solicitors directly to check if they can also act for The Mortgage Works
Do the Building Society Association intend to launch a online directory to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for instance in Ilford?
We have not been informed any plans on the part of the BSA to promote such a search facility.
My wife and I have a renovated Edwardian house in Ilford. Conveyancing lawyer acted for me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the matching property. Is it worth asking Yorkshire Building Society to clarify?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ilford and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the situation with your conveyancing solicitor who completed the work.
I'm buying my first flat in Ilford with a loan from Accord Mortgages Ltd. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not to tell my conveyancer about the side-deal as it could jeopardize my mortgage with Accord Mortgages Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Ilford I like with amenity areas and transport links in the vicinity, the downside is that it only has 49 years 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 short lease?
If you require a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 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 term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.