I am progressing with the sale of my apartment in Beckton and the estate agent has just text me to warn that the buyers are appointing a new property lawyer. The excuse is that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Beckton ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 purchasers are not going to have any sway in the decision.
The Beckton conveyancing firm handling our Beckton conveyancing has spotted a discrepancy between the information in the home valuation report and what is in the conveyancing documents. My lawyer informs me that he is duty bound to check that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We are looking to buy a property and require a conveyancing solicitor in Beckton who is on the Virgin Money solicitor panel. Can you recommend a local conveyancing 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 Virgin Money . We don't recommend any particular firms conducting conveyancing in Beckton.
About to purchase a new build apartment in Beckton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Beckton
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in Beckton I like with amenity areas and station nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Beckton for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am in need of some leasehold conveyancing in Beckton. Before I get started I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Beckton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a two-bedroom flat in Beckton. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Where there is a absentee freeholder or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to determine the amount due.
An example of a Lease Extension decision for a Beckton property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired lease term was 69.77 years.