My fiance and I are planning to buy a property in South Hornchurch and have instructed a South Hornchurch conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Nottingham Building Society have this morning contacted us to inform me that there is now an issue as our South Hornchurch conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is conventional for the purchasers' lawyers 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred South Hornchurch lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
After researching moneysavingexpert.com for a recommended lawyer in South Hornchurch, most post that I should instruct a CQS kitemarked lawyer. What is CQS?
South Hornchurch Conveyancing Quality Scheme practices have obtained certification under the Law Society's Scheme (CQS) CQS was established to establish evidence of quality standards in the in the legal transfer of properties. CQS helps home movers to identify practices that provide a quality residential conveyancing. South Hornchurch is one of locations in England and Wales in which accredited firms have a presence. The scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
is it true that all South Hornchurch solicitor practices on the Bank of Ireland conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel and in that case the organisation would be governed by the Council of Licensed Conveyancers.
We have a mortgage agreed in principle with TSB. South Hornchurch conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from TSB?
Some lenders take longer than others. Have TSB completed the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I was told four weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in South Hornchurch is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
I need some fast conveyancing in South Hornchurch as I am faced with a deadline to complete in less than one month. A home loan is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not getting a mortgage you are at liberty not to have searches carried out although no lawyer would suggest that you don't. With plenty of history conveyancing in South Hornchurch the following are examples of what can be revealed and adversely affect future mortgageability: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
I am buying a new build flat in South Hornchurch. Conveyancing is necessary evil 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 legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in South Hornchurch
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am a negotiator for a reputable estate agent office in South Hornchurch where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have received contradictory information from local South Hornchurch conveyancing firms. Please can you shed some light as to whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a ground floor flat in South Hornchurch. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum due for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a South Hornchurch conveyancing firm who can help.
An example of a Lease Extension decision for a South Hornchurch property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.