Am I correct in assuming that the fact that my solicitor in Wanstead is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
That is most likely a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Wanstead conveyancing practice and ask them why they are no longer on the approved list for your bank.
Do I need to visit the offices of the solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Wanstead so that I can attend their offices if required.
Whereas this was necessary twenty years ago, almost all lenders no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to provide identification documents and there are still distinct benefits to using a locally based ayer, in your case a conveyancing solicitor in Wanstead.
My friend recommended that if I am purchasing in Wanstead I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Wanstead conveyancing searches. It is not a small document of about 40 pages, listing and detailing significant information about Wanstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Wanstead Education with maps and statistics, Local Amenities and other useful data concerning Wanstead.
I opted to have a survey completed on a house in Wanstead in advance of appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders will not issue a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you e-mail us we can check via 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 Wanstead. Conveyancing will be smoother if you use a solicitor in Wanstead especially if they are accustomed to such properties in Wanstead.
Do I need to be suspicious about brokers that I am dealing with are suggesting a factory type conveyancing firm rather than a local Wanstead conveyancing company?
As is the case with many professional services, often suggestions from connections can be most helpful. Yet there are lots of people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest lawyers to select. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are free to choose your preferred lawyer. However, bear in mind that many banks operate an approved list of lawyers you are obliged to use for the mortgage aspect of your home move.
I only have Fifty years remaining on my flat in Wanstead. I now wish to extend my lease but my landlord is absent. What options are available to me?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you or your lawyers have used your best endeavours to locate the freeholder. For most situations a specialist would be helpful to try and locate and prepare an expert document to be accepted by the court as evidence that the freeholder can not be located. It is advisable to get professional help from a solicitor both on proving the landlord’s absence and the vesting order request to the County Court covering Wanstead.
We have reached the end of our tether in trying to purchase the freehold in Wanstead. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the premium.
An example of a Freehold Enfranchisement case for a Wanstead property is 36 New Wanstead in August 2010. The Tribunal arrived at a valuation of the premium for the freehold of £22,359. This case affected 2 flats. The unexpired lease term was 73.92 years.