I am in the process of selling my house in Enfield Wash and the estate agent has just telephoned to say that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Enfield Wash ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are unlikely to have any impact on this.
IfI was to buy a simple residential propertyin Enfield Wash for cash and have no survey and no local authority searches how much should I expect to to save on my conveyancing in Enfield Wash?
Any savings you would achieve would be isolated to the Enfield Wash conveyancing searches. A solicitor still got to do everything else - money laundering, liaising with your sellers conveyancer, stamp duty submission, register the title etc. You might save a bit for them not having to register a charge however it won't be a lot.
What can a local search inform me about the house my wife and I buying in Enfield Wash?
Enfield Wash conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays a central role in many a Enfield Wash conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (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 thirteen subject areas.
What does commercial conveyancing in Enfield Wash cover?
Commercial conveyancing in Enfield Wash incorporates a wide array of guidance, given by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
Do you have any advice for leasehold conveyancing in Enfield Wash with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Enfield Wash can be avoided if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation which will be required by the purchasers’ representatives. Some Enfield Wash leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is 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 service charge figures so that they can pass this information on to the purchasers or their solicitors. Many landlords or managing agents in Enfield Wash levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Enfield Wash. In the event that you altered the property did you need the Landlord’s permission? In particular have you laid down wooden flooring? Most leases in Enfield Wash state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the paperwork in place you should not contact the landlord without checking with your lawyer in the first instance. You believe that you know the number of years left on your lease but you should double-check via your solicitors. A buyer’s conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is below 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I have had difficulty in trying to reach an agreement for a lease extension in Enfield Wash. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to determine the amount due.
An example of a Vesting Order and Purchase of freehold matter before the tribunal for a Enfield Wash flat is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 80.01 years.
I have appointed a Enfield Wash conveyancing solicitor for our house purchase (FTB’s) and have picked up in the engagement letter that they are not overseen by the Financial Conduct Authority. Should I be concerned or is that standard with conveyancing practitioner?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be regulated by the SRA, who dictate stringent conditions in relation to funds sitting in their bank.