I am selling my home in Homerton and the estate agent has just called to say that the buyers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. Why would a big named mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Homerton ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 not going to have any impact on this.
we are a couple who are hoping to buy a newly converted apartment in Homerton with a mortgage from Chelsea Building Society.We use our Homerton conveyancing solicitor but Chelsea Building Society informed us she’s not listed on their approved list of member firms. It seems we are left with no choice but to instruct a Chelsea Building Society panel solicitor or retain our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; Can we not simply insist that Chelsea Building Society use our lawyer?
No, not really. The mortgage issued to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Chelsea Building Society approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Chelsea Building Society
I need some expedited conveyancing in Homerton as I am faced with pressure to complete in less than one month. A home loan is not required. Can I escape the need for conveyancing searches to save money and time?
If.Given you are are a cash buyer you have the choice not to have searches carried out although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Homerton the following are instances of what can be revealed and adversely impact the marketability of the property: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
My cousin has encouraged me to use his conveyancing solicitors in Homerton. Should I use them?
Much as we are happy to recommend a Homerton conveyancing lawyer it’s preferable to select a conveyancing practitioner is to seek recommendations from friends or relatives who have used the conveyancer that you are considering.
I am looking at a couple of maisonettes in Homerton both have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Homerton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Homerton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the leaseholder of a first floor flat in Homerton. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the premium payable for a lease extension?
Where there is a absentee landlord or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to calculate the premium.
An example of a Freehold Enfranchisement case for a Homerton flat is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case related to 10 flats. The unexpired residue of the current lease was 71.25 years.
I dont have enough spare funds to pay a 10% deposit on my house purchase in Homerton , but I am anxious exchange. Do I have options?
You can agree a lesser deposit. Many vendors will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment