Me and my partner are buying a flat in Becontree. My Solicitor has never been on on the bank solicitor panel. Is it possible for me to appoint my Becontree conveyancing solicitor notwithstanding that they are not on the bank panel of approved conveyancing solicitors?
Various options include
- Complete the purchase with your existing Becontree property lawyer but your lender will need to instruct a conveyancer on their approved list. The net result is additional fees together with potential delay.
- Get a new conveyancing practitioner to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your lawyer to seek to join the mortgage company panel
Please explain the implications if my lawyer’s firm is removed from the Bank of Ireland Conveyancing panel ahead of completing my conveyancing in Becontree?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial property in Becontree?
Its becoming the norm that commercial conveyancing solicitors in Becontree will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Becontree. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Becontree.
For every commercial conveyancing transaction in Becontree it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Becontree commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Becontree.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Becontree is the location of the property. Can you offer any opinion?
Flying freeholds in Becontree are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Becontree you would need to get your solicitor to go 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 ascertain 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 property.
I am attracted to a two flats in Becontree both have about fifty years unexpired 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 Becontree is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with less than 75 years become less and less attractive. 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 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 Becontree 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.
Following months of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Becontree. Can we issue an application to the Residential Property Tribunal Service?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to assess the amount due.
An example of a Lease Extension decision for a Becontree flat 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 unexpired term as at the valuation date was 61.36 years.
I'm buying a apartment in Becontree. I can find my conveyancer's company on the CLC list, but I can't locate my lawyer's name as listed on the regulator's website. Is this a big problem?
Not every individual in the law firm must be listed by the regulator. As long there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unqualified staff.