Unfortunately I am unable to travel far from South Ockendon. Please explain the reason why all South Ockendon solicitors aren't automatically on all mortgage company panels?
Lenders highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in lenders purging a number of firms from their panel of approved solicitors .
My lawyer has discovered a defect with the lease for the flat we are purchasing in South Ockendon. The seller’s lawyers have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must check that the lender is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in South Ockendon? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you need to sign will no doubt stipulate this. Your lender will also require certain documents to be viewed. Where you refuse to provide ID verification documents, your lawyer would not be able to accept instructions from you.
How does conveyancing in South Ockendon differ for newly converted properties?
Most buyers of new build property in South Ockendon contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is completed. This is because developers in South Ockendon usually buy the land, 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 used to new build conveyancing in South Ockendon or who has acted in the same development.
I need to appoint a conveyancing solicitor for purchase conveyancing in South Ockendon. I have chance upon a web site which seems to have the perfect answer If there is a chance to get all formalities completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are your top tips when it comes to finding a South Ockendon conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a property lawyer for lease extension works (regardless if they are a South Ockendon conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non South Ockendon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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How many lease extensions has the firm completed in South Ockendon in the last twenty four months? What are the charges for lease extension work?
I inherited a ground floor flat in South Ockendon. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the First-tier Tribunal (Property Chamber) to arrive at the sum to be paid.
An example of a Lease Extension matter before the tribunal for a South Ockendon flat 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.