I am nearing exchange of contracts for my home in Silvertown and the EA has just telephoned to warn that the purchasers are switching law firm. The excuse is that the lender will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Silvertown ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. The purchasers are not going to have any impact on this.
What does my ID and proof of funds have anything to do with my conveyancing in Silvertown? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to provide identification documents, your solicitor can not take you on as a client.
A relative advised me that in buying a property in Silvertown there may be a number of restrictions prohibiting external changes to a property. Is this right?
There are anumerous of properties in Silvertown which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Silvertown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late mum's will with all property in now in my sole name, including the my former home in Silvertown. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I do know about the CML six month 'rule', meaning my property ownership will be treated the same way as though I had purchased the property in June. Is the property unsalable for six months?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view lenders take of it, depend on the lender as this clause is principally there to pick up on subsales or the flipping of properties.
Planning on purchasing a house in Silvertown. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Silvertown conveyancer is on the Aldermore conveyancing panel.
How does conveyancing in Silvertown differ for newly converted properties?
Most buyers of new build or newly converted property in Silvertown approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Silvertown tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Silvertown or who has acted in the same development.
My husband and I are 3 weeks into a leasehold purchase having been directed to a firm by the local agent to perform conveyancing in Silvertown. I am am very frustrated with the quality of service. Can you you assist me in finding new lawyers?
A solicitor would have to be very bad to suggest replacing them. Has your mortgage offer been generated? If so you must inform them of the new contact details and get the mortgage documents are re-issued. Your new solicitor ideally should be on the banks panel to avoid added expenses and complications. That should be your starting point. Our find a solicitor tool will assist you in finding a lender approved lawyer for your home move in Silvertown
My wife and I purchased a leasehold house in Silvertown. Conveyancing and Platform Home Loans Ltd mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1995. The conveyancing practitioner in Silvertown who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Silvertown conveyancing solicitor to do this as it can be done on-line for £3. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
After months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Silvertown. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Silvertown conveyancing firm who can help.
An example of a Lease Extension case for a Silvertown residence 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 unexpired term was 69.77 years.