I am nearing exchange of contracts for my flat in Dagenham and the estate agent has just e-mailed to say that the purchasers are swapping conveyancer. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Dagenham ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The purchasers are unlikely to have any impact on this.
Can the conveyancing lawyers via your comparison service carry out attended exchange conveyancing in Dagenham?
There are a few conveyancing specialists carrying out personalised exchanges. Do call us to get a costs illustration and details as to dates.
I happen to be the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Dagenham. The Dagenham property was put into my name in September. I plan to dispose of the house. I understand that there is a CML six month 'rule', which means that my property ownership will be treated the same way as though I had purchased the house in September. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. many lenders would take a sensible view as this clause principally exists to capture subsales or the wholesaling and assigning of properties.
Last month we had a mortgage agreed in principle with Virgin Money. Dagenham conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from Virgin Money?
There is no definitive answer here. Have Virgin Money conducted the valuation? Have you informed Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Leeds Building Society have agreed my mortgage in principle, my offer on a property in Dagenham has been agreed to, what are the next steps?
The property agent will need to be informed of your conveyancing practitioner's details (be sure the conveyancers are on the bank’s approved list). Contact Leeds Building Society or your broker and finalise any outstanding forms. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or seller to book an appointment. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Leeds Building Society will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Dagenham.
About to purchase a new build flat in Dagenham. Conveyancing is daunting 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.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Dagenham
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. There must be mutual enforceability of lessee’s covenants. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Dagenham is where the house is located. What do you suggest?
Flying freeholds in Dagenham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dagenham you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dagenham may determine 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 residence.
My husband and I are first time buyers - agreed a price, but the selling agent informed us that the seller will only move forward if we appoint their recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Dagenham
It is improbable the sellers are behind this. Should the seller desire ‘a quick sale', taking such a hostile approach to a motivated buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances in place © you do not need to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Dagenham conveyancing lawyers - rather thanthose that will give their estate agent a referral fee or meet his conveyancing targets pre-set by head office.