My wife and I are looking to acquire a home in Erith and are in fact using a Erith conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this evening contacted us to inform me that they have now hit a problem as our Erith conveyancer 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' solicitors to also represent the purchaser's lender. 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 Quality 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Erith solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Having invested time looking at moneysavingexpert.com for a cheap lawyer in Erith, many comment that I must use a CQS kitemarked solicitor. What is CQS?
Erith Conveyancing Quality Scheme solicitors have been granted accreditation under the Law Society's Scheme (CQS) The Law Society introduced CQS to promote high standards in the home moving process. CQS enables home movers to recognise practices that provide a quality residential conveyancing. Erith is one of locations in England and Wales in which CQS are based. The conveyancing scheme requires law firms to undergo a strict assessment, compulsory training, self-certification, spot checks and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Building Societies Association.
I have been told that property searches are the main cause of delay in Erith conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Erith.
I purchased a terraced Victorian house in Erith. Conveyancing lawyer acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold with the exact same property. Is it worth asking Bank of Ireland to clarify?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Erith and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who completed the work.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a quick, no chain conveyancing. Erith is where the house is located. Is there any advice you can give?
Flying freeholds in Erith are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Erith you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Erith may ascertain 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.
Do you have any advice for leasehold conveyancing in Erith with the intention of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Erith can be reduced if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information needed by the purchasers’ solicitors. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the lease term is less than 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a flat where a dispute is ongoing. You will have to accept that you will have to pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unresolved. If you are supposed to have a share in the freehold, you should make sure that you hold the original share document. Arranging a new share certificate is often a lengthy process and slows down many a Erith home move. If a reissued share is necessary, do contact the company officers or managing agents (where applicable) for this sooner rather than later. Many landlords or managing agents in Erith charge for providing management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Erith.
I am the registered owner of a ground flat in Erith. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum payable for the purchase of the freehold?
in cases where there is a absentee landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to decide the sum to be paid.
An example of a Lease Extension matter before the tribunal for a Erith residence is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired residue of the current lease was 76 years.