I can't travel far from Little Ilford. Is there a reason why all Little Ilford property lawyers are not on all mortgage company panels?
A decade ago most mortgage companies exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into property fraud which concluded: know the property lawyers on your panel. Accordingly, mortgage companies have since soughtmore information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Many firms have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of amount of transactions the mortgage companies insisted on.
When it comes to lenders such as Yorkshire BS, do Little Ilford lawyers face a yearly amount to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Little Ilford. A rare aspect is that the roof has a solar panel. Coventry BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Coventry BS your lawyer must check the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for Coventry BS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Coventry BS where a lease does not satisfy these provisions. The specifications relate to the installation of panels on properties countrywide and is not limited to Little Ilford.
I was told three weeks ago that my mortgage has been agreed to by UBS. Is it usual for UBS to only issue the offer once my solicitor in Little Ilford is approved on their conveyancing panel? UBS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
A relative suggested that if I am purchasing in Little Ilford I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Little Ilford conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Little Ilford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Little Ilford Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful data about Little Ilford.
I am purchasing my first flat in Little Ilford with a loan from Santander. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The estate agent suggested that I not reveal to my lawyer about this extras as it may adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
I have been pointed in your direction by two or three local property agents in Little Ilford to select a property lawyer on your site. Is there a financial inducement for Estate Agents to market your site over alternative conveyancing organisations?
We refuse to give any commission for sending work our way. We found it would be just too difficult a fee as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I today plan to offer on a house that appears to be perfect, at a great price which is making it more attractive. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Little Ilford. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Little Ilford are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Little Ilford so you should seriously consider looking for a Little Ilford conveyancing practitioner and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct alterations. You may also be required to pay a contribution towards the maintenance of the estate where the property is part of an estate. Your lawyer will report to you on the legal implications.
Following years of negotiations we cannot agree with our landlord on how much the lease extension should cost for our flat in Little Ilford. Can we issue an application to the Residential Property Tribunal Service?
Most certainly. We are happy to put you in touch with a Little Ilford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Little Ilford flat is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case affected 5 flats. The unexpired lease term was 73.8 years.