Me and my fiance are purchasing a 3 bedroom flat in West Ham with a mortgage. We like our West Ham conveyancer, but the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel solicitors or keep our West Ham solicitor as well as pay for one of their panel lawyers to act for them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your West Ham conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in West Ham? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in West Ham. Nowadays you will not be able to complete any conveyancing process in the absence supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a utility bill. Please note that if you are supplying your driving licence as proof of identification it must be both the paper element and photo card part, one is not acceptable without the other.
Proof of the origin of money is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must retain this information on record. Your West Ham conveyancing practitioner will need to see evidence of proof of funds prior to accepting any money from you into their client account and they will also ask additional queries concerning the source of monies.
I am buying a new build flat in West Ham. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in West Ham you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in West Ham.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in West Ham?
There are many recorded licenced Conveyancers in West Ham and Solicitor practices in West Ham offering conveyancing We would stress that the two are regulated professionals specialising in the legal aspects of the home buying process. They may both also conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
Please help - my lawyer advises that lack of right of way insurance is necessary on my purchase. What is the level of cover for West Ham conveyancing?
The right level of lack of right of way indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and The Royal Bank of Scotland. Conveyancing solicitors as opposed to members of the public take out such policies.
My sealed bid on a house in West Ham has been accepted, the vendors do nevertheless have a tied purchase. The sellers have put an offer on a property, but it’s not been accepted yet, and are looking at other properties in the pipeline. I have chosen a nearby conveyancing solicitor in West Ham. What do I do now? At what point should I apply for the mortgage with Nationwide?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (home loan application is approx one thousand pounds, then valuation, West Ham conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Nationwide conveyancing panel. As to the subsequent phase this very much depends on the uniqueness of your case, attraction to the property and on the state of the market. In a hot market many buyers would apply for the mortgage with Nationwide and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to proceed with the conveyancing in West Ham.
I decided to have a survey done on a property in West Ham before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in West Ham. Conveyancing will be smoother if you use a solicitor in West Ham especially if they are familiar with such properties in West Ham.
Can you provide any advice for leasehold conveyancing in West Ham with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in West Ham can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold information needed by the buyers’ conveyancers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Most leases in West Ham state that internal structural alterations or laying down wooden flooring calls for a licence from the Landlord acquiescing to such alterations. Where you fail to have the approvals to hand you should not contact the landlord without checking with your conveyancer in advance. Many freeholders or managing agents in West Ham charge for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in West Ham. If you have the benefit of shareholding in the Management Company, you should make sure that you have the original share certificate. Obtaining a duplicate share certificate can be a time consuming formality and slows down many a West Ham conveyancing transaction. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal decide on such matters? Can you recommend a West Ham conveyancing firm to assist?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the relevant legislation you can apply to the LVT to make a decision on the premium.
An example of a Lease Extension matter before the tribunal for a West Ham premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired lease term was 69.77 years.