I chose a Wanstead based lawyer for our conveyancing in Wanstead last week. Reviewing the Terms it is apparent thatwe are responsible for fees even if our purchase doesn't happen. Should I go with them or choose a web based conveyancing brokerage offering no-sale-no-fee conveyancing in Wanstead?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the fee levels will tend to be be higher to counteract the conveyances that do not go ahead. Do bear in mind that such promotions rarely protect you from expenses such your Wanstead conveyancing search costs.
My Wanstead lawyer has uncovered an inconsistency when comparing the information in the home valuation report and what is revealed within the title deeds. My solicitor informs me that he needs to check that the lender is OK with this discrepancy and is still content to lend. Is my conveyancer’s stance legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We are buying a 3 bedroom semi in Wanstead. The intention is to carry out a loft conversion at the house.Will the conveyancing process involve investigations to determine if these works were previously refused?
Your property lawyer should review the deeds as conveyancing in Wanstead will occasionally identify restrictions in the title documents which prohibit categories of works or need the permission of another owner. Some additions need local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these issues with a surveyor before you commit yourself to a purchase.
We have agreed to purchase a house in Wanstead. A rare aspect is that the roof has a solar panel. Bank of Ireland have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Bank of Ireland your lawyer must comply with the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Bank of Ireland. The CML Handbook includes minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Bank of Ireland where a lease does not comply with these requirements. The requirements relate to the installation of panels on properties nationwide and is not limited to Wanstead.
Lloyds have agreed my home loan in principle, my bid on a property in Wanstead has been accepted, now what?
The property agent will want to be advised as to your solicitor's details (be sure the conveyancing practitioners are on the bank’s approved list). Call up Lloyds or the financial adviser and finish off any outstanding forms. Lloyds will instruct a valuer who will get in touch with the selling agent or vendor to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. Lloyds will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wanstead.
Various online forums that I have frequented warn that are the number one cause of obstruction in Wanstead conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Wanstead.
I got the keys to my house on 9 August and the transaction details is yet to be registered. Need I be worried? My conveyancing solicitor in Wanstead expressed confidence that it will be recorded in a couple of weeks. Are transfers in Wanstead particularly slow to register?
There is nothing unique when it comes to conveyancing in Wanstead registration formalities. Rather than based on location, timeframes can differ depending on who lodges the application, whether it is in order and if the Land registry have to notify any 3rd parties. At present approximately three quarters of such applications are fully dealt with within two weeks but occasionally there can be extensive hold-ups. Registration takes place after the buyer has moved in to the property thus post completion formalities is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.
I am on look out for some leasehold conveyancing in Wanstead. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and 99.9% are in Wanstead - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
We have reached the end of our tether in seeking a lease extension in Wanstead. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Wanstead conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wanstead property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired lease term was 73.92 years.