My partner and I are planning to purchase a flat in Lea Bridge and have appointed a Lea Bridge conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. The Royal Bank of Scotland have this evening contacted us to advise us that they have now hit a problem as our Lea Bridge solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lea Bridge lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
2 months have gone by since my purchase conveyancing in Lea Bridge completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Lea Bridge differ for newly converted properties?
Most buyers of new build or newly converted property in Lea Bridge contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Lea Bridge tend to buy the real estate, 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 conveyancers 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 used to new build conveyancing in Lea Bridge or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Lea Bridge I like with a park and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Lea Bridge for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage that many years will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
I have been advised by numerous estate agents in Lea Bridge to locate a conveyancer using your seach tool. What’s the financial upside for Estate Agents to promote your lawyers ahead of alternative conveyancing organisations?
We don’t offer any commission for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
As co-executor for the will of my uncle I am selling a property in Swansea but reside in Lea Bridge. My lawyer (approximately 200 kilometers from merequires that I execute a stat dec ahead of completion. Could you suggest a conveyancing practitioner in Lea Bridge to attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will suffice regardless of whether they are based in Lea Bridge