My Forest Gate lawyer has uncovered an inconsistency between the surveyor’s assumptions in the home valuation report and what is in the legal papers for the property. My solicitor says that he is duty bound to check that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I am planning to move home in January. Will my conveyancing solicitor communicate with the removal company on the completion day. Incidentally, can you put forward a removal company in Forest Gate. Conveyancing firm was chosen before I stumbled across your website.
On the day of completion you will need to collect the keys from the estate agent however this can only occur after the sellers lawyers advise the agent that the monies to complete are in and the keys can be collected. You should tell the removal company that they can start moving you in. We are not in a position to suggest a specific removal organisation but can assist you in choosing a conveyancing in Forest Gate or a lawyer with expertise in conveyancing in Forest Gate.
I am currently in the process of buying my council flat in Forest Gate. I have a mortgage agreed with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I currently have a mortgage with Bank of Ireland for my property in Forest Gate. Conveyancing has been completed some time ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
You must advise Bank of Ireland in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
How does conveyancing in Forest Gate differ for newly converted properties?
Most buyers of new build property in Forest Gate approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Forest Gate usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Forest Gate or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Forest Gate I like with open areas and station in the vicinity, however it only has 61 remaining years left on the lease. There is not much else in Forest Gate in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
Am I right to be concerned by estate agents that I am dealing with are recommending an online conveyancing firm rather than a local Forest Gate conveyancing firm?
As is the case with lots of professional services, often recommendations from connections can be very helpful. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and banks might all put forward conveyancers to select. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You are at liberty to choose your preferred lawyer. You need to be aware that the majority of mortgage providers specify a panel list of solicitors you are obliged to use for the mortgage related work in your home move.
Am I best advised to instruct a Forest Gate conveyancing practitioner in close proximity to the house I am buying? An old friend can conduct the conveyancing but her office is a couple of hundredmiles away.
The benefit of a high street Forest Gate conveyancing firm is that you can attend the office to sign paperwork, present your identification documents and apply pressure on them if necessary. They will also have local insight which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have instructed your friend and in the main were happy that must trump using an unfamiliar Forest Gate conveyancing lawyer solely due to them being Forest Gate based.