I am one month into the sale of my house in Woodford and the estate agent has just telephoned to advise that the buyers are appointing a new property lawyer. The excuse is that the bank will only work with property lawyers on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Woodford ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
My wife and I are soon to exchange buying a property in Woodford but as a result of wreckage from a small fire at the property I have was able negotiate recompense from the seller of six thousand pounds in the form of a reduction in the price. I had intended this to be dealt with as part of amending the contract however Skipton will not agree to this. Should they have been informed?
The conveyancer that is on a Skipton approved list is duty bound to advise Skipton of any changes to the sale price. If you prohibit your conveyancing practitioner to disclose the price change to Skipton then they would have to discontinue acting for you. In addition, Skipton and you would have to appoint a new conveyancing practitioner for your conveyancing in Woodford.
How does conveyancing in Woodford differ for new build properties?
Most buyers of new build premises in Woodford come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because builders in Woodford typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Woodford or who has acted in the same development.
My business partner and I are hoping to lease a unit on the high street. Can you recommend lawyers offering fixed charges for commercial conveyancing in Woodford for below £1,200?
We are happy to recommend firms who have well rounded knowledge of commercial conveyancing in Woodford, including the sale and purchase of businesses as well as simply property. If you are hoping to purchase or lease a shop, pub, restaurant, office, retail unit or a whole business we will find you the right lawyer. Regarding the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or telephone us so that we can supply you with a fixed commercial conveyancing calculation.
What advice can you give us when it comes to finding a Woodford conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Woodford conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Woodford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be helpful:
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What are the charges for lease extension work?
Following years of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in Woodford. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing landlord or if there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the price.
An example of a Freehold Enfranchisement decision for a Woodford residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired residue of the current lease was 69.26 years.
Please set a few of compelling advantages to instructing a local conveyancer in Woodford
Home movers in Woodford choose a nearby high street conveyancer so that they can attend the lawyer’s offices in the event that they have problems, and to deliver paperwork without using the Royal Mail.
There is a marginal benefit when opting for a conveyancing practitioner nearby to the premises you are buying, due to the knowledge of the locality and possible local concerns - yet this is moot. The majority of conveyancers are now via email and may be based anywhere.