I am six weeks into the sale of my apartment in North Ockendon and the EA has just telephoned to advise that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to appoint to handle their conveyancing in North Ockendon ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 claims that 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 purchasers are not going to have any sway in the decision.
Why is leasehold purchase conveyancing in North Ockendon is more expensive?
The conveyancing charges for a leasehold property in North Ockendon is frequently more expensive when contrasted to a freehold acquisition or disposal. This is because there is an amount of supplemental investigations required in dealing with the freeholder and management company to collate the information concerning whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
Despite weeks of looking the Title Certificate and documents to my house are lost. The solicitors who dealt with the conveyancing in North Ockendon 10 years ago are no longer around. What do I do?
Assuming you have a registered title the details of your ownership will be held by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and get current copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I am purchasing my first flat in North Ockendon with a mortgage from National Westminster Bank. The sellers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about this deal as it would impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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 am hoping to complete next month on a garden flat in North Ockendon. Conveyancing lawyers inform me that they are sending me a report tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in North Ockendon should include some of the following:
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The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Defining your legal entitlements in respect of the communal areas in the building.For instance, does the lease contain a right of way over a path or staircase? How long the lease is. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years Additions to the property Who has the liability to repair and maintain the main walls and foundations. It is essential for you to know which party is liable for the repair and maintenance of all parts of the block and estate
I am the proprietor of a two-bedroom flat in North Ockendon. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the LVT to judgment on the sum to be paid.
An example of a Lease Extension case for a North Ockendon premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The remaining number of years on the lease was 57.5 years.
Is it true that a North Ockendon conveyancing practice taken to court by clients for not carrying out the appropriate conveyancing searches?
We are not aware of such a North Ockendon conveyancing claim but according to a recent report, clients buying a house elsewhere in England successfully sued their property lawyer as a consequence of development plans to construct a wind farm not being identified in conveyancing searches.
If you are purchasing in North Ockendon It is essential that your conveyancer purchase all North Ockendon conveyancing searches required to ensure you have accurate and current information ahead of purchasing a property.