We're in West Thurrock, First timers purchasing with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it the case that all West Thurrock solicitor practices on the Lloyds conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be regulated by the SRA. Many lenders do list licenced conveyancers on their panel in which case such firms would be governed by the CLC.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a West Thurrock conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
It is unclear whether my lender requires a lease extension. I have telephoned my West Thurrock bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My West Thurrock conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they will not lend based on their specific requirements. Who do I believe?
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Various internet forums that I have visited warn that are the main reason for stalling in West Thurrock conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in West Thurrock.
I opted to have a survey carried out on a property in West Thurrock prior to retaining lawyers. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend not issue a mortgage on such a property.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in West Thurrock. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in West Thurrock to see if the conveyancing costs will increase in light of this.
I was advised by numerous estate agents in West Thurrock to find a conveyancer on your site. Is there a financial advantage for Estate Agents to promote your services over and above another?
We refuse to give any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
Having spent years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in West Thurrock. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most certainly. We are happy to put you in touch with a West Thurrock conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a West Thurrock residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired term as at the valuation date was 76 years.
What are the common defects that you witness in leases for West Thurrock properties?
Leasehold conveyancing in West Thurrock is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
-
A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain elements of the premises
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Accord Mortgages Ltd, Coventry Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the purchaser to pull out.