I am in the process of selling my maisonette in Hainault and the EA has just telephoned to say that the buyers are swapping solicitor. The reason given is that the lender will only deal with solicitors on their approved list. On what basis would a big named lender only work with specific law firms rather the firm that they want to choose for their conveyancing in Hainault ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
I am in a contract race with another prospective purchaser for a property in Hainault. What can be done to accelerate the legal process?
In the event that you are under pressure to exchange it is highly recommended that your lawyer is familiar with the area as they will benefit local contacts and insight. It is possible that they would have handled previoushomes in the same neighbourhood. You would be best advised to use a Hainault conveyancing lawyer. In addition, double check that the conveyancing firm is on the lender panel. It is claimed that 18% of Hainault conveyancing transactions are frustrated or derailed after discovering a buyer’s lawyer was not on their banks member panel. In many cases this discovery resulted in the home move being delayed by an average of three weeks. It is said that this issue impacts approximately 100,000 home sales annually. Almost all Hainault conveyancing practices can not represent certain mortgage companies so do check at the outset.
Do I need to visit the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Hainault so that I can attend their offices if necessary.
As opposed to 15 years ago, the vast majority lenders no longer require their conveyancing panel lawyer to witness the borrowers signature. You will still be obliged to supply ID documents and there are still manifest benefits to using a local ayer, in your situation a conveyancing solicitor in Hainault.
Are there restrictive covenants that are commonly picked up during conveyancing in Hainault?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Hainault. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Hainault. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Hainault ?
Most houses in Hainault are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Hainault so you should seriously consider looking for a Hainault conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should appraise you on the various issues.
I have tried to negotiate informally with with my landlord to extend my lease without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Hainault conveyancing firm to assist?
in cases where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation you can apply to the Leasehold Valuation Tribunal to make a decision on the price payable.
An example of a Freehold Enfranchisement decision for a Hainault residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case affected 2 flats. The unexpired residue of the current lease was 69.26 years.
We are about to acquiring a property in Hainault. Can our lawyer have the amount we are are purchasing for a secret from the likes of Nestoria. How could this be done?
HM Land Registry as a matter of law obliged to note price sold information on the official title for domestic properties countrywide which includes premises in Hainault. The register of ownership is a public document, so HM Land Registry would be breaking the law excluded specific homes such as your one in Hainault.
You can make a request of HMLR to withhold the amount paid entry yet the answer would be a No.