I was informed today by my financial adviser that my Leytonstone property lawyer is not on the bank Solicitor panel. How can I be sure whether this is correct?
Your first step should be to call your Leytonstone conveyancer. It is reasonable to expect your lawyer to notify you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
The housing market in Leytonstone is heating up. What can I do to accelerate the conveyancing process?
Where the seller is applying time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will have local relationships and know-how. It is possible that they would have transacted otherhouses in the same neighbourhood. Therefore consider using a Leytonstone conveyancing lawyer. In addition, be sure that the conveyancing firm is on the member panel. It is estimated that nearly one in five of Leytonstone conveyancing deals are suspended or jeopardised after finding out that a buyer’s lawyer was not on their mortgage lender’s member panel. This can often result in the conveyancing being held up by an average of three weeks. It is believed that this issue impacts in the region of one hundred thousand home sales annually. Many Leytonstone conveyancing firms can not act for certain lenders so do check at the outset.
I can not work out if my bank requires a lease extension. I have called my Leytonstone bank branch on various occasions and was told they are content with the situation and they would lend. My Leytonstone conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the mortgage company panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on a house in Leytonstone. My mortgage broker suggested a lawyer. I paid an advanced payment of £200. A few days later, the property lawyer contacted me sheepishly admitting that they were not on the Santander conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Santander panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
After what seems like an age I have had an offer on an apartment in Leytonstone accepted, the vendors do however have a connected purchase. The vendors have put an offer on somewhere, but it’s not yet agreed to, and have viewings of other properties booked. I have instructed a high street conveyancing solicitor in Leytonstone. What should be my next step? At what stage do I apply for the mortgage with Barclays?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Leytonstone conveyancing search charges, etc). First, you should check that your lawyer is on the Barclays approved list. Concerning the next phase this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. During a rising market many purchasers would apply for a home loan with Barclays and pay for the valuation and only if it was satisfactory would they ask their lawyer to proceed with the conveyancing in Leytonstone.
Should my solicitor be raising enquiries about flooding as part of the conveyancing in Leytonstone.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Leytonstone. There are those who buy a house in Leytonstone, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a numerous searches that may be carried out by the buyer or by their solicitors which will give them a better appreciation of the risks in Leytonstone. The conventional set of property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine whether the property has ever been flooded. If the premises has been flooded in past which is not notified by the seller, then a purchaser may commence a legal claim for losses stemming from an misleading reply. A purchaser’s lawyers may also carry out an enviro report. This will indicate whether there is a recorded flood risk. If so, further inquiries will need to be made.
I'm purchasing my first flat in Leytonstone benefiting from help to buy. The sellers refused to budge the amount so I negotiated 6k of additionals instead. The estate agent told me not inform my conveyancer about this side-deal as it could affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey completed on a house in Leytonstone before retaining conveyancers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may refuse to grant a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Leytonstone. Conveyancing will be smoother if you use a solicitor in Leytonstone especially if they regularly deal with such properties in Leytonstone.