All was ready to complete my purchase in Eel Pie Island next Monday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not limited to conveyancing in Eel Pie Island.
Can I use your services to locate a Conveyancing solicitor in Eel Pie Island even where I’m not purchasing or disposing of a house, for example if I wish to buy an office in Eel Pie Island with a loan from Lloyds TSB Bank?
The service is primarily used to get a quote from residential conveyancing solicitors in Eel Pie Island but we have listed towards the end of this page some Eel Pie Island commercial conveyancing firms. You will need to make contact with the firm directly to check if they can also act for Lloyds TSB Bank
We are hoping to buy a newbuild flat in Eel Pie Island with a mortgage from The Mortgage Works.We would like to retain our Eel Pie Island conveyancing practitioner but The Mortgage Works advised that he's not on their "panel". we are left little option but to use a The Mortgage Works panel firm or keep our preferred solicitor and fork out for a The Mortgage Works panel lawyer to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage issued to you contains terms and conditions, a common one being that conveyancers must be on the The Mortgage Works approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Eel Pie Island?
There are many recorded licenced Conveyancers in Eel Pie Island and Solicitor firms in Eel Pie Island who can assist with your conveyancing It is important to make clear that both are regulated professionals specialising in the legal work in transferring property. Both can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
When it comes to mortgage companies such as Bank of Ireland, do Eel Pie Island lawyers face a fee to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I have finally had an offer on an apartment in Eel Pie Island accepted, but there is a chain. The sellers have put an offer on on an apartment, however it’s not been accepted yet, and have viewings of other flats booked. I have instructed a local conveyancing solicitor in Eel Pie Island. What do I do now? At what point do I apply for the mortgage with Nationwide?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Eel Pie Island conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Nationwide approved list. As to the next phase this very much depends on the circumstances of your transaction, motivation for this property and on the state of the market. In a hot market some purchasers would apply for the mortgage with Nationwide and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to move forward with searches.
We're novice buyers - had an offer accepted, yet the selling agent informed us that the vendor will only move forward if we appoint the agent's preferred solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Eel Pie Island
It is unlikely the sellers are driving this. Should the seller require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Contact the owners directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you are going to instruct your preferred Eel Pie Island conveyancing firm - rather thanthe ones that will earn their estate agent a referral fee or achieve conveyancing thresholds pre-set by senior management.
I work for a busy estate agency in Eel Pie Island where we see a few leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Eel Pie Island conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Eel Pie Island conveyancing firm to help?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to assess the price.
An example of a Lease Extension case for a Eel Pie Island flat is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired residue of the current lease was 60.45 years.