Is the fact that my solicitor in Mile End is not identified on my lender's conveyancing panel that there is a problem with the quality of his conveyancing?
That is most likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Mile End conveyancing practice and ask them why they are no longer on the approved list for your lender.
I own a freehold house in Mile End yet charged rent, why is this and what is this?
It’s unusual for properties in Mile End and has limited impact for conveyancing in Mile End but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
Should our lawyer be asking questions about flooding during the conveyancing in Mile End.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Mile End. Plenty of people will acquire a property in Mile End, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous checks that can be undertaken by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Mile End. The standard information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the owner to determine if the premises has ever been flooded. If the premises has been flooded in past which is not disclosed by the vendor, then a purchaser may commence a claim for damages stemming from an misleading reply. The buyer’s solicitors may also conduct an enviro report. This should disclose whether there is a recorded flood risk. If so, more detailed investigations should be made.
How does conveyancing in Mile End differ for new build properties?
Most buyers of new build premises in Mile End approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Mile End typically acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Mile End or who has acted in the same development.
I need to find a conveyancing solicitor for leasehold conveyancing in Mile End. I've land on a web site which seems to have the perfect solution If it is possible to get all the legals completed via web that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Two months into a sale of a flat in Mile End. Conveyancing solicitors are doing their job but we have been asked to pay a fortune by the managing agents. So far we have forked out £268 for a leasehold management information and then another £200 plus VAT for responses to questions supplied by the buyers conveyancer.
You will not have any say over the level of the charges for this information but the average costs for the information for Mile End leasehold premises is £360. For Mile End conveyancing transactions it is conventional for the seller to cover the costs. The landlord or their agents are under no statutory obligation to address these questions most will be willing to do so - albeit often at exorbitant prices disproportionate to the work involved. Regretfully there is no law that requires capped fees for administrative tasks. Neither is there any legal time limit by which they are duty bound to provide answers.