My husband and I are looking to purchase a property in Silvertown and are in fact using a Silvertown conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Santander have this evening contacted us to advise us that there is now an issue as our Silvertown lawyer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Silvertown solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Two weeks ago we had a mortgage agreed in principle with Principality. Silvertown conveyancing lawyers are chosen. How long does it take for Principality to forward the offer to the solicitor?
Some lenders take longer than others. Have Principality conducted the valuation? Have you advised Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with UBS. I assume I don't need a Silvertown property lawyer on the UBS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your UBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the UBS mortgage from the register. UBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
Co-operative have agreed my home loan in principle, my bid on a property in Silvertown has been agreed to, what are the next steps?
The property agent will need to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Contact Co-operative or the broker and finalise any outstanding documentation. Co-operative will appoint a valuer who will get in contact with the estate agent or owners to book an appointment. Once conducted (assuming no problems) it takes on average a fortnight for the mortgage offer to be issued. Co-operative will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Silvertown.
I require fast conveyancing in Silvertown as I am under a deadline to complete within 4 weeks. Thankfully I do not require a mortgage. Can I decline from having conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you have the choice not to have searches conducted although no conveyancer would recommend that you don't. With lots of history conveyancing in Silvertown the following are examples of what can be revealed and adversely impact the marketability of the property: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...
I have justbeen informed that Arc property Solicitors have closed. They carried out my conveyancing in Silvertown for a purchase of a freehold house 18 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The easiest way to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Silvertown conveyancing specialists.
I'm buying my first flat in Silvertown benefiting from help to buy. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about the side-deal as it could put at risk my loan with HSBC Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Back In 2000, I bought a leasehold house in Silvertown. Conveyancing and Nationwide Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Silvertown who acted for me is not around. Do I pay?
First contact HMLR to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a Silvertown conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Having spent years of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Silvertown. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a Silvertown conveyancing firm who can help.
An example of a Lease Extension decision for a Silvertown premises 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 residue of the current lease was 69.77 years.