My wife and I are planning to buy a flat in East Acton and are in fact using a East Acton conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Aldermore have this evening contacted us to inform me that there is now an issue as our East Acton lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. 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 solicitor should contact your lender 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred East Acton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I have Fifty Six years remaining on my lease and need a lease extension for my flat in East Acton. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 24/11/2023 the requirements read as follows :
What does a local search reveal regarding the house we're purchasing in East Acton?
East Acton conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company such as Xpress Legal The local search is essential in every East Acton conveyancing purchase; as long as you wish to avoid any unpleasant surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I'm purchasing a new build house in East Acton with a mortgage from Halifax. The builders would not move on the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not inform my lawyer about the deal as it could affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. East Acton is the location of the property. What do you suggest?
Flying freeholds in East Acton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Acton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Acton 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 property.
I was recommended by a number of estate agents in East Acton to select a property lawyer on your site. What’s the financial advantage for Estate Agents to recommend your services ahead of a competitor’s?
We don’t make any referral fee for sending work to this site. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.