My husband and I are hoping to buy a property in Becontree and have instructed a Becontree conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barnsley Building Society have this evening contacted us to advise us that there is now an issue as our Becontree lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Becontree solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I had intended to instruct a conveyancing solicitor in Becontree for our house purchase. Our broker has since notified us that our mortgage lenders Virgin Money won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies in the main imposes restrictions either the category or the volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, a few lenders have reduced the number of solicitor practices they permit to act for them. You should note that Virgin Money have no responsibility for the quality of advice provided by any member of Virgin Money Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels since 2008 even though there are mixed views about the level of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Becontree only perform a couple conveyances a year.
When it comes to mortgage companies such as Clydesdale, do Becontree conveyancing practitioners incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am purchasing a property in Becontree. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender HSBC be concerned?
As your lender is HSBC your lawyer must follow the conveyancing requirements outlined in Part two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook contains minimum requirements for solar panel roof-space leases, and conveyancers are required to report to HSBC where a lease fails to meet these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not limited to Becontree.
After much negotiation I have agreed a price on an apartment in Becontree. My mortgage broker suggested a lawyer. I paid an on account payment of £175. A couple of days later, the conveyancer called me embarrassingly acknowledging that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Becontree is where the house is located. Is there any guidance you can give?
Flying freeholds in Becontree are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Becontree you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Becontree may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am tempted by the attractive purchase price for a couple of flats in Becontree which have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
I have tried to negotiate informally with with my landlord for a lease extension without getting anywhere. Can one make an application to the Leasehold Valuation Tribunal? Can you recommend a Becontree conveyancing firm to represent me?
Absolutely. We are happy to put you in touch with a Becontree conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Becontree property is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case related to 1 flat. The remaining number of years on the lease was 61.36 years.
My wife and I plan to purchase our first property in Becontree. Conveyancing lawyer has been chosen. The mortgage adviser pointed out that a survey is not necessary as the property was only built in 2002.
The bare minimum you need a Home Buyer's Report. As the residence was constructed more than a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may be sufficient. The report should highlight any apparent issues and suggest additional investigation where appropriate. Where there are any indications of material issues get a full Building Survey from the beginning.