My wife and I are hoping to buy a home in Waltham Abbey and have appointed a Waltham Abbey conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Scotland have this morning contacted us to inform me that they have now hit a problem as our Waltham Abbey lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property with the assistance of a mortgage it is usual for the purchasers' lawyers to also act for the purchaser's lender. 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 solicitor should contact your bank 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 Waltham Abbey lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
The Waltham Abbey conveyancing firm that I recently instructed on my house acquisition in Waltham Abbey have without warning shut down. They were on acting for me because I needed a firm on the Barclays conveyancing panel and my previous Waltham Abbey lawyer was not. I gave my credit card details for them to take £195 for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
My stepmother advised me that in purchasing a property in Waltham Abbey there may be a number of restrictions prohibiting external changes to the property. Is this right?
There are a number of properties in Waltham Abbey which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in Waltham Abbey should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
The mortgage over my property is with Co-operative for my property in Waltham Abbey. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
You must advise Co-operative in advance of renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel solicitor.
I was told four weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Waltham Abbey is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
3 months have gone by since my purchase conveyancing in Waltham Abbey completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the encouragement of my in-laws I had a survey completed on a house in Waltham Abbey ahead of appointing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks tend not issue a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Waltham Abbey. Conveyancing will be smoother if you use a solicitor in Waltham Abbey especially if they regularly deal with such properties in Waltham Abbey.
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At this site receive a conveyancing quote from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Waltham Abbey. As opposed to estate agents and brokerage sites we do not have commission deals with solicitors. Some agents and online brokers 'recommend' the firm that pays the highest kickback, rather than the best value conveyancing in Waltham Abbey