I am progressing with the sale of my home in Poplar and the EA has just e-mailed to advise that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Poplar ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, 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 as the reason 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 being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Are the BSA intent on creating a online directory to to identify firms on the Melton Mowbray Building Society conveyancing panel for example in Poplar?
We are not aware of any intention on the part of the BSA to develop such a register.
I can see plenty of information on this site about conveyancing in Poplar but what is your top tip for choosing the right conveyancer in Poplar
We would encourage you not to go for the cheapest Poplar conveyancing costs illustration. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
We had instructed conveyancers with offices in Poplar on the Bank of Ireland solicitor approved list. They have just invoiced me an additional sum for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee specified by Bank of Ireland?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer can levy a fee for this. The charge is not dictated by Bank of Ireland but by your Poplar lawyer. Some firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee and others do not.
The mortgage over my property is with Kent Reliance for my property in Poplar. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel lawyer.
My wife and I purchased a 4 bedroom Edwardian property in Poplar. Conveyancing lawyer acted for me and TSB. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the matching address. Is it worth asking TSB to clarify?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Poplar and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing practitioner who conducted the purchase.
Just had an offer accepted on a new build flat in Poplar. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Poplar
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Poplar I like with amenity areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Poplar suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.