I am getting a mortgage with Nat West. My intention is to employ the services of a Licensed Conveyancer in Wood Green. Does the Nat West Solicitor panel exclude Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Last July we completed a house move in Wood Green. We have noticed several issues with the property which we believe were overlooked in the conveyancing searches. Is there anything we can do? What searches should? have been ordered as part of conveyancing in Wood Green?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Wood Green. Conveyancing searches and due diligence undertaken during the legal transfer of property are carried out to help avoid problems. As part of the process, the vendor answers a form known as a Seller’s Property Information Form. If the information is incorrect, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Wood Green.
It is is a decade since I purchased my property in Wood Green. Conveyancing solicitors have recently been appointed on the sale but I am unable to find my title documents. Will this jeopardise the sale?
You need not be too concerned. First there is a chance that the deeds will be retained by your mortgage company or they could stored with the solicitor who handled the purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Wood Green involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Last month we had a mortgage agreed in principle with Nottingham. Wood Green conveyancing solicitors have been chosen. How long does it take for Nottingham to issue the offer to the solicitor?
There is no definitive answer here. Have Nottingham done the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Wood Green lawyer on the Virgin Money panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money 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 Virgin Money mortgage from the register. Virgin Money, 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 Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
It is unclear whether my bank requires a lease extension. I have called my Wood Green building society branch on numerous occasions and was reassured it wasn't a problem and they would lend. My Wood Green conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your lawyer has to comply with the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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.
Despite weeks of looking the Title Certificate and documents to my property can not be found. The lawyers who dealt with the conveyancing in Wood Green 10 years ago are no longer around. What do I do?
Gone are the days when you need to have the physical official documentation to prove you own the land or property, as the Land Registry hold details of all registered land or property electronically.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Wood Green I like with a park and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Wood Green in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.