I am nearing exchange of contracts for my flat in Mile End and the estate agent has just text me to advise that the buyers are appointing a new property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Mile End ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The purchasers are not going to have any impact on this.
We are approaching an exchange on a house in Mile End and my mum and dad have transferred the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?
The solicitor is duty bound to clarify with lender to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
What happens if my lawyer’s firm is suspended from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Mile End?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I need some expedited conveyancing in Mile End as I have an ultimatum to exchange contracts within 3 weeks. A mortgage is not required. Is it possible to decline from having 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 advise that you don't. Drawing on our experience of conveyancing in Mile End the following are examples of what can arise and adversely impact market value: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
Just bought a terraced house in Mile End , how long will it take for the Land Registry to deal with the formalities evidencing my ownership? My Mile End conveyancing solicitor works at snail pace, so I want to be sure the registration is addressed.
As far as conveyancing in Mile End registration is no faster or slower than the rest of England and Wales. Rather than based on location, timescales can adjust subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd persons or bodies. As of today approximately 80% of such applications are fully dealt with within 12 days but some can be subject to extensive delays. Historically registration occurs after the buyer has moved in to the premises so registration formalities is not usually top priority but where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Mile End I like with a park and transport links in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Mile End suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.