I am in the process of selling my house in Eden Park and the EA has just called to advise that the buyers are swapping solicitor. The excuse is that the lender will only deal with solicitors on their approved list. Why would a big named lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Eden Park ?
UK lenders have always had panels of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. 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. Some 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. The buyers are unlikely to have any impact on this.
Me and my partner are purchasing a apartment in Eden Park. It might be a silly question but how we can trust a solicitor? At some point we have to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously selected conveyancers with offices in Eden Park on the Virgin Money solicitor approved list. They have just invoiced me a further sum for handling the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner can charge a fee for this. The fee is not set by Virgin Money but by your Eden Park property lawyer. Plenty of firms on the Virgin Money panel will quote an ‘acting for lender’ fee but some firms incorporate it on their overall fee.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a Eden Park solicitor on the Virgin Money panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I'm buying a new build house in Eden Park with a loan from Nationwide Building Society. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not reveal to my lawyer about the deal as it would affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the advice of my in-laws I had a survey completed on a house in Eden Park ahead of retaining conveyancers. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some lenders will not give a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Nationwide. Should you wish to telephone us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Eden Park. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Eden Park with the intention of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Eden Park can be reduced if you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your conveyancers. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you hold a share in a the freehold, you should make sure that you are holding the original share document. Obtaining a duplicate share certificate can be a lengthy formality and slows down many a Eden Park conveyancing deal. If a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this at the earliest opportunity. Some Eden Park leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors.
Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Eden Park. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Eden Park conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Eden Park residence is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case affected 2 flats. The unexpired lease term was 76.75 and 88.83.
What type of property do your Eden Park conveyancing estimates apply to?
Our conveyancing quotes are only relevant to standard domestic homes in England & Wales. Should you have any different needs for instance industrial or agricultural land or commercial conveyancing in Eden Park you should contact us to discuss your requirements .