I am in the process of selling my maisonette in Victoria Park and the EA has just called to advise that the buyers are switching conveyancer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Victoria Park ?
Banks have always had panels of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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.
Last October we completed a house move in Victoria Park. We have since encountered a number of issues with the property which we believe were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been carried out as part of conveyancing in Victoria Park?
The question is not clear as what problems have arisen and if they are relate to conveyancing in Victoria Park. Conveyancing searches and due diligence initiated as part of the buying process are carried out to help avoid problems. As part of the process, a seller answers a form known as a SPIF. If the information provided is inaccurate, you may have a misrepresentation claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Victoria Park.
Our lender has recommended solicitors on their panel based in Victoria Park but I would rather instruct a conveyancing lawyer in Victoria Park or nearer to where I live. Are you able to help?
It is by no means the case that all Victoria Park conveyancing practices are approved and listed on all lender’s conveyancing panel. Do make the most of the above find an approved solicitor tool to identify a Victoria Park conveyancing conveyancer on the on the bank panel.
I decided to have a survey carried out on a property in Victoria Park in advance of retaining solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some lenders may refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Victoria Park. Conveyancing will be smoother if you use a solicitor in Victoria Park especially if they are acquainted with such properties in Victoria Park.
Back In 2005, I bought a leasehold flat in Victoria Park. Conveyancing and Britannia mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Victoria Park who previously acted has now retired. Any advice?
First contact HMLR to make sure that the individual claiming to own the freehold is in fact the new freeholder. There is no need to instruct a Victoria Park conveyancing firm to do this as it can be done on-line for £3. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a garden flat in Victoria Park, conveyancing was carried out April 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Victoria Park with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2082
With 56 years left to run the likely cost is going to be between £29,500 and £34,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
What is the average conveyancing fee for conveyancing in Victoria Park?
The average fee in 2014 for conveyancing in Victoria Park was £1,500 excluding Stamp Duty and HMLR fees.