I am in the process of selling my apartment in Chingford and the estate agent has just called to warn that the purchasers are swapping conveyancer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Chingford ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some 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. The buyers are not going to have any impact on this.
Can I use your services to find a Conveyancing solicitor in Chingford even where I’m not buying or disposing of a house, for example where I wish to buy a shop in Chingford with a loan from Bank of Scotland?
Our comparison service is mainly utilised to select residential conveyancing solicitors in Chingford but we have set out at the bottom of this page a few Chingford commercial conveyancing firms. You should enquire with the company directly to see if they can also act for Bank of Scotland
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chingford. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/8/2021, the requirements read as follows :
I am buying a new build apartment in Chingford. Conveyancing is a frightening process 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 legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Chingford
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Please confirm the Lease plans are architect prepared. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I decided to have a survey carried out on a property in Chingford before instructing solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders tend refuse to grant a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Chingford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Chingford to see if the conveyancing will be more expensive.
I am hoping to complete next month on a leasehold property in Chingford. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Chingford should include some of the following:
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Do you need to have carpet in the flat or are you allowed wood flooring? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. You should be told what constitutes a Nuisance as far as the lease is concerned Defining your rights in respect of the communal areas in the building.By way of example, does the lease grant a right of way over an accessway or staircase?
My wife and I have hit a brick wall in trying to purchase the freehold in Chingford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to determine the premium.
An example of a Freehold Enfranchisement case for a Chingford 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 was in relation to 2 flats. The remaining number of years on the lease was 69.26 years.