I am selling my flat in South Tottenham and the EA has just text me to advise that the purchasers are swapping law firm. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint to handle their conveyancing in South Tottenham ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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.
Our god-son is buying a house that has just been built in South Tottenham with a mortgage from Coventry BS. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Coventry BS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Coventry BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will our solicitor be asking questions concerning flooding during the conveyancing in South Tottenham.
Flooding is a growing risk for solicitors dealing with homes in South Tottenham. Some people will purchase a house in South Tottenham, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in South Tottenham. The standard information given to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out if the premises has suffered from flooding. If the residence has been flooded in past which is not disclosed by the owner, then a purchaser could issue a legal claim for losses stemming from an inaccurate response. The buyer’s solicitors should also carry out an environmental report. This should higlight if there is a recorded flood risk. If so, more detailed investigations should be made.
Just had an offer accepted on a new build flat in South Tottenham. 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.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in South Tottenham
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Due to the encouragement of my in-laws I had a survey completed on a house in South Tottenham before appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders will not issue a loan on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in South Tottenham. Conveyancing may be slightly more expensive based on your lender's requirements.
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