I am in the process of selling my flat in East London and the EA has just e-mailed to advise that the purchasers are swapping conveyancer. The reason given is that the lender will only engage with solicitors on their approved list. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in East London ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
We are about to exchange buying a property in East London but as a consequence of wreckage from a small fire at the property I have managed to agree compensation from the seller in the sum of £3k in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but Aldermore are not allowing this. Why were they approached?
The property lawyer that is on the Aldermore approved list is required to inform Aldermore of any variations to the purchase price. If you prohibit your lawyer to disclose the price change to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new solicitor for your conveyancing in East London.
Finally the sale completed on my house in East London last April but the buyer keeps texting me complaining that his solicitor is waiting to hear from mine. What should have happened now that I have sold?
Post completion of your disposal your solicitor is committed to forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Where appropriate, your solicitor should also confirm that the legal charge in favour of the lender has been repaid to the purchasers solicitors. There is unlikely to be post completion formalities just for conveyancing in East London.
My wife and I have a semi-detached Victorian house in East London. Conveyancing solicitor acted for me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in East London and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with your conveyancing practitioner who carried out the work.
I am using a search engine for the words cheap conveyancing in East London it shows results of many conveyancerslocally. How do I determine which is the right solicitor for the sale of my house?
The preferential method of finding the right conveyancer is through a trusted referral, so seek the opinion of colleagues and relatives who have purchased a property in East London or the reputable estate agent or mortgage broker. Charges for conveyancing in East London vary, so it's sensible to request at least three quotes from varying types of conveyancers. Be sure to seek confirmation what costs in the quote includes.
Due to sign contracts shortly on a basement flat in East London. Conveyancing lawyers assured me that they report fully next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in East London should include some of the following:
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Information concerning the obligations in the lease to to contribute towards maintenance costs - in respect of the block, and the wider rights a leaseholder enjoys Whether your lease provides for a sinking fund? What options are open to you if an adjoining owner is in violation of a provision in their lease? You would want to be sent a copy of the lease Are pets allowed in the flat?
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a East London conveyancing firm to assist?
Where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to calculate the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a East London flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired residue of the current lease was 73.26 years.