My wife and I are intending to acquire a 3 bedroom apartment in Woodford with a mortgage. We have a Woodford solicitor, but the bank advise she’s not on their "panel". It seems we have no option but to appoint one of the bank panel conveyancing practices or continue with our Woodford solicitor and pay for one of their panel lawyers to represent them. This seems very unfair; 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 lender’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. Another option that might be available is for your Woodford conveyancing lawyer to apply to be on the conveyancing panel.
As a first time buyer what is the most important advice you can impart regarding purchase conveyancing in Woodford?
Not many law firms or advisers will tell you this but conveyancing in Woodford and elsewhere in England and Wales is often a confrontational process. In other words, when it comes to conveyancing there exists an abundance of opportunity for conflict between you and others involved in the ownership transfer. E.g., the seller, property agent and even potentially the bank. Choosing a solicitor for your conveyancing in Woodford should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to protect your legal interests and to keep you safe.
Sometimes a potential adversary may attempt to sway you that you should follow their advice. For instance, the property agent may claim to be helping by claiming that your lawyer is wrong. Or your financial adviser may try to convince you to do take action that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
My brother-in-law has suggested I instruct a conveyancing solicitor in Woodford. I I would like to check if they are on the Bank of Scotland approved list of lawyers. Could you or the lender confirm if they are on the panel?
The first thing to do is phone your lawyer and enquire whether they are on the lender panel. Alternatively you should get in touch with Bank of Scotland who may be able to confirm.
Should my solicitor be asking questions concerning flooding during the conveyancing in Woodford.
Flooding is a growing risk for lawyers dealing with homes in Woodford. Some people will purchase a house in Woodford, completely aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a various checks that can be initiated by the buyer or by their solicitors which can give them a better understanding of the risks in Woodford. The standard property information forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the seller to determine if the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser may bring a claim for damages as a result of such an misleading answer. The buyer’s solicitors may also commission an enviro report. This will disclose if there is a recorded flood risk. If so, further investigations will need to be carried out.
I am using a search engine for the term cheap conveyancing in Woodford it shows results of numerous property lawyersin the area. With so much choice what is the best way to find the right solicitor for me?
The ideal way of finding the right conveyancer is through a trusted recommendation, so enquire of friends and family who have acquired a property in Woodford or the local estate agent or financial adviser. Fees for conveyancing in Woodford vary, so it's a good idea to secure at least three quotes from varying types of property lawyers. Make sure that you know that the charges are assured not to increase.
I am attracted to a couple of maisonettes in Woodford both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Woodford is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woodford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a second floor flat in Woodford. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?
You certainly can. We are happy to put you in touch with a Woodford conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal 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 affected 2 flats. The unexpired residue of the current lease was 69.26 years.