We are buying a 3 bedroom apartment in Woodford Green with a mortgage. We have a Woodford Green solicitor, however the bank says she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or continue with our Woodford Green conveyancer and pay for one of their panel ones to represent them. This feels very unfair; can we not insist that the bank use our Woodford Green conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you 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. Another option that might be available is for your Woodford Green conveyancing solicitor to apply to be on the conveyancing panel.
We are looking to buy a property and require a conveyancing solicitor in Woodford Green who is on the HSBC approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Woodford Green.
Me and my brother purchased a terraced Victorian house in Woodford Green. Conveyancing lawyer acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold under the matching property. Is it worth asking Nottingham Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Woodford Green and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who carried out the work.
I decided to have a survey completed on a house in Woodford Green ahead of appointing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not issue a loan on a flying freehold home.
It depends who your proposed lender is. HSBC has different requirements from Halifax. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Woodford Green. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Woodford Green to see if the conveyancing will be more expensive.
We are a couple of weeks into a leasehold purchase having been directed to conveyancers by the estate agent to execute conveyancing in Woodford Green. I am am very disappointed with the level of service. Can you you assist me in finding new lawyers?
They would need to be very poor to suggest diss instructing them. Has the loan offer been sent? In the event that it has you will need to advise them of the new solicitor and have the offer are re-sent. The conveyancer should be on the banks panel to avoid supplemental charges and delays. So that should be your starting point. Our search tool should assist you in finding a bank approved lawyer for your conveyancing in Woodford Green
I am attracted to a two maisonettes in Woodford Green which have in the region of forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Woodford Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, leases with less than 75 years become less and less attractive. On a more positive 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 residence 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 Green 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Notwithstanding our best endeavours, we have been unsuccessful in trying to reach an agreement for a lease extension in Woodford Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We are happy to put you in touch with a Woodford Green conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Woodford Green property 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 related to 2 flats. The unexpired residue of the current lease was 69.26 years.