My husband and I are planning to purchase a house in Gidea Park and have instructed a Gidea Park conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Aldermore have this morning contacted us to advise us that there is now an issue as our Gidea Park solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the mortgage company. 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 Accreditation Scheme. Your property lawyer 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 lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Gidea Park lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am only a couple days away from an exchange on a flat in Gidea Park and my parents have transferred the ten percent deposit to my conveyancer. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to delay the deal?
Your conveyancing practitioner is obliged to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Gidea Park?
There are many registered licenced Conveyancers in Gidea Park and Solicitor practices in Gidea Park to choose from We would stress that both are supervised by regulatory bodies with both specialising in the legal work in transferring property. The two can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I am assisting my aunt sell her house in Gidea Park. Will the conveyancer commission the EPC or should I organise this?
After the demise of Home Information Packs, EPC’s became a mandatory part of selling a property. An energy performance certificate needs to be to hand prior to the property being put on the market. It is not as aspect of the sale process that law firms ordinarily organise. Where you are instructing a Gidea Park conveyancing solicitor they might help arrange energy performance certificates due to their contacts with reputable Gidea Park accredited person
I'm the sole recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Gidea Park. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the property in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation is principally there to capture subsales or the flipping of property.
Due to the guidance of my in-laws I had a survey completed on a house in Gidea Park ahead of instructing conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders tend not issue a loan on such a home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you contact us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Gidea Park. Conveyancing may be slightly more expensive based on your lender's requirements.
My cousin has suggested that I use his lawyers for conveyancing in Gidea Park. Do I take his recommendation?
Much as we are happy to recommend a Gidea Park conveyancing lawyer the ideal way to select a conveyancing practitioner is to have recommendations from friends or relatives who have used the firm that you are considering.
I have just started marketing my 2 bed apartment in Gidea Park. Conveyancing is yet to be initiated, however I have recently had a yearly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the service charge as you normally would because all rents and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I am the leaseholder of a ground-floor 1950’s flat in Gidea Park. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for a lease extension?
if there is a absentee landlord or if there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to assess the premium.
An example of a Lease Extension matter before the tribunal for a Gidea Park flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.