I am in the process of selling my maisonette in North Woolwich and the EA has just text me to say that the purchasers are swapping property lawyer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in North Woolwich ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise 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 sway in the decision.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in North Woolwich?
Two types of professional can carry out conveyancing in North Woolwich namely licenced conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the sale or purchase of property. They are both required to conduct North Woolwich conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be professionally conducted and that the requisite steps should be suitably followed.
I have decided to exercise my right to buy my property in North Woolwich off the council. I have a mortgage offer with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I recently had an offer accepted on an apartment in North Woolwich. My mortgage broker suggested a conveyancing practitioner. I paid an upfront payment of £200. A few days later, the solicitor contacted me embarrassingly acknowledging that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I have been told that property searches are the number one cause of stalling in North Woolwich house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in North Woolwich.
I got the keys to my house on 16 May and the transaction details is yet to be registered. Need I be worried? My conveyancing solicitor in North Woolwich expressed confidence that it would be concluded inside ten days. Are properties in North Woolwich uniquely lengthy to register?
As far as conveyancing in North Woolwich is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust according to who lodges the application, whether it is in order and if the Land registry communicate with any third parties. At present in the region of three quarters of such applications are completed in less than three weeks but occasionally there can be extensive delays. Registration is effected after the buyer is living at the premises so 'speed' is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for an expedited registration.
I am using a search engine for the phrase on line conveyancing in North Woolwich it reveals numerous conveyancerslocally. How do I determine which is the suitable solicitor for my move?
The ideal method of choosing a suitable conveyancer is through a personal recommendation, so enquire of colleagues and relatives who have acquired a property in North Woolwich or a reputable estate agent or financial adviser. Fees for conveyancing in North Woolwich differ, so it's advisable to obtain at least four estimates from varying types of companies. Make sure that you know that the fees are fixed.
I am on look out for some leasehold conveyancing in North Woolwich. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and most are in North Woolwich - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in North Woolwich. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to assess the sum to be paid.
An example of a Lease Extension case for a North Woolwich property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.