My husband and I are hoping to acquire a home in Wanstead and have instructed a Wanstead conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this evening contacted us to inform me that they have now hit a problem as our Wanstead conveyancer is not on their conveyancing panel. What do we do from here?
When purchasing a property with the benefit 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Wanstead solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My Wanstead solicitor has uncovered an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s course or action appropriate?
Your conveyancing practitioner 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.
Can your site be used to recommend a Conveyancing solicitor in Wanstead even if I’m not purchasing or selling a house, for example where I wish to buy an office in Wanstead with a loan from The Mortgage Works?
Our comparison service is mainly there to select residential conveyancing solicitors in Wanstead but we have listed at the bottom of this page a selection of Wanstead commercial conveyancing firms. You will need to speak with the company directly to establish if they can also act for The Mortgage Works
We were going to get a OIP from Virgin Money this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Virgin Money recommend any Wanstead solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Wanstead solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a Wanstead property lawyer on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Our sealed bid on a house in Wanstead has been accepted, but there is a chain. The sellers have offered on a property, however it’s not yet tied up, and are looking at other apartments booked. I have instructed a high street conveyancing solicitor in Wanstead. What do I do now? When should I get the mortgage application with Virgin Money started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx £1k, then survey, Wanstead conveyancing search fees, etc). First, you must ensure that your solicitor is on the Virgin Money conveyancing panel. Regarding the next steps this very much depends on the uniqueness of your transaction, motivation for the property and on the state of the market. In a rising market many buyers will apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to proceed with searches.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Wanstead is the location of the property. Is there any advice you can impart?
Flying freeholds in Wanstead are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wanstead you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wanstead may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I own a a ground floor purpose built flat in Wanstead. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum due for a lease extension?
You certainly can. We can put you in touch with a Wanstead conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Wanstead premises is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case related to 2 flats. The unexpired term was 73.92 years.
Are there frequently found defects that you encounter in leases for Wanstead properties?
There is nothing unique about leasehold conveyancing in Wanstead. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
-
A duty to insure the building A provision to repair to or maintain parts of the premises
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Coventry Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.