I am progressing with the sale of my ground floor flat in Old Oak Common and the EA has just called to warn that the buyers are swapping law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a major mortgage company only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Old Oak Common ?
Banks have always had panels of law firms that can act for them, but in the past few 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.
Mortgage companies justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 impact on this.
IfI were to acquire a simple residential propertyin Old Oak Common for cash and have no survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Old Oak Common?
The only saving you would make on is the Old Oak Common conveyancing searches. Your property lawyer is obliged to do the vast majority of work - money laundering, correspond with the vendors conveyancing practitioner, SDLT return, register the title etc. You might save a bit for them not having to register a mortgage however it will not be significant.
We are close to exchanging contracts on the sale of our property in Old Oak Common and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. A high street Old Oak Common conveyancer would know that there is no such problem. It does beg the question why the purchasers instructed a factory type conveyancing practice as opposed to a conveyancing solicitor in Old Oak Common. Having lived in Old Oak Common for 5 years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation need.
It sounds as though you may have a conveyancing solicitor already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Are there restrictive covenants that are commonly picked up during conveyancing in Old Oak Common?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Old Oak Common. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build house in Old Oak Common with the aid of help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not reveal to my solicitor about the extras as it may affect my loan with the bank. 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.
Planning to sign contracts shortly on a ground floor flat in Old Oak Common. Conveyancing solicitors have said that they report fully next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Old Oak Common should include some of the following:
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What remedies are open the freeholder should you are in breach of your lease terms? Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? You should know whether the lease permits you to alter or improve aspects of the property- you should know whether it applies to all alterations or just structural alteration, and whether consent is required Repair and maintenance of the property Additions to the premises
I inherited a first flat in Old Oak Common. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Absolutely. We are happy to put you in touch with a Old Oak Common conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Old Oak Common residence is 49 Long Drive in March 2014. The tribunal concluded that the price payable for the freehold interest in the Property should be £26,491 divided as to £12,546 in respect of the ground floor flat and £13,945 in respect of the first floor flat This case was in relation to 2 flats. The unexpired term was 68.47 years.