My wife and I are looking to purchase a flat in South Ockendon and are in fact using a South Ockendon conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this evening contacted us to advise us that they have now hit a problem as our South Ockendon lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for 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 solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own South Ockendon solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
I am hoping to complete my purchase in South Ockendon next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not limited to conveyancing in South Ockendon.
is it true that all South Ockendon solicitor practices on the Clydesdale conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Clydesdale approved list of solicitors they would need to be governed by the SRA. The majority of mortgage companies do list licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I have decided to exercise my right to buy my property in South Ockendon off the council. I have a mortgage offer with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I recently had an offer agreed on a house in South Ockendon. My financial adviser recommended their conveyancers. I paid an upfront payment of £200. Not long after, the property lawyer called me sheepishly admitting that they were not on the Virgin Money conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Virgin Money panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
How does conveyancing in South Ockendon differ for newly converted properties?
Most buyers of new build property in South Ockendon come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in South Ockendon usually purchase the real estate, 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 conveyancing solicitors 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 South Ockendon or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in South Ockendon I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in South Ockendon suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Can you provide any top tips for leasehold conveyancing in South Ockendon from the perspective of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in South Ockendon can be bypassed if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. If you hold a share in a the Management Company, you should make sure that you have the original share document. Arranging a replacement share certificate is often a time consuming process and delays many a South Ockendon conveyancing deal. If a reissued share is required, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. Some South Ockendon leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. You believe that you know the number of years left on your lease but it would be advisable verify this via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I am the leaseholder of a two-bedroom flat in South Ockendon. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount payable for a lease extension?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to arrive at the price.
An example of a Lease Extension case for a South Ockendon residence 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 was in relation to 1 flat. The remaining number of years on the lease was 57.5 years.