I am one month into the sale of my house in Poplar and the EA has just called to warn that the buyers are switching property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific law firms rather the firm that they want to choose to handle their conveyancing in Poplar ?
Lenders have always had an approved set of law firms that can act for them, but in recent 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 blame a rise in fraud by way of justification for the cull – criteria have been narrowed 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 hearing daily from firms 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. Your buyers are unlikely to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in Poplar is more expensive?
Poplar leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I'm the single recipient of my late father’s will with all property in now in my sole name, including the my former home in Poplar. The Poplar property was put into my name in January. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship could be regarded the same way as though I had purchased the house in January. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view lenders take of it, depend on the mortgage company as this provision is principally there to pick up on the purchase and immediately sell or the quick reselling of properties.
Does a directory service exist listing Nottingham panel conveyancers in Poplar on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association sites. Very few lenders make their panel listings available over the internet. If you are seeking to appoint a Poplar property lawyer on the Nottingham please make the most of our facility.
is it true that all Poplar conveyancing solicitors on the Principality conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Principality approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some lenders do permit licenced conveyancers on their panel and in such a situation the organisation would be overseen by the CLC.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Poplar I like with open areas and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Poplar for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to 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 speak to your conveyancing solicitor about this.
I'm remortgaging my existing house to a BTL mortgage with Halifax and I will use the rest of the raised equity as a deposit on another house. The location we are talking about is Poplar. Will your lawyers be able to act for the two lenders and link together the transactions?
Do use our comparison tool on this page to ensure that the solicitors are approved by both lenders. Having checked that they are your solicitor should be able to tie up the two conveyancing matters but you should talk with you conveyancer and specify your expectations and needs.
Expecting to complete next month on a ground floor flat in Poplar. Conveyancing lawyers have said that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Poplar should include some of the following:
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The length of the lease term. You should be advised as what happens when the lease ends, and aware of the importance of the 80 year mark What remedies are open the freeholder should you breach a clause of your lease? You should have a good understanding of the building insurance obligations What you can do if another tenant in the building is in violation of a provision in their lease? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I have attempted and failed to negotiate with my landlord for a lease extension without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Poplar conveyancing firm to help?
You certainly can. We are happy to put you in touch with a Poplar conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Poplar premises is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired residue of the current lease was 101.61 years.