I am nearing exchange of contracts for my ground floor flat in North Ockendon and the estate agent has just e-mailed to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their conveyancing panel. Why would a big named lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in North Ockendon ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 unlikely to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in North Ockendon?
Where you are retaining lawyers for conveyancing in North Ockendon your solicitor will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the total price then this should be asked for immediately prior to contracts are exchanged. Any further balance that is needed should be transferred shortly before completion.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a house in North Ockendon?
Unless a previous purchase of the premises took place after 12 October 2013 you can take it that solicitors conducting conveyancing in North Ockendon to continue to propose a a chancel search and or chancel repair liability policy.
In what way does the Landlord & Tenant Act 1954 impact my commercial property in North Ockendon and how can you help?
The particular law that you refer to gives a safeguard to business tenants, giving them the right to apply to court for a new lease and continue in occupation at the end of the lease term. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in North Ockendon
Estate agents have just been given the go-ahead to market my garden flat in North Ockendon. Conveyancing is yet to be initiated, but I have just received a quarterly maintenance charge invoice – Do I pay up?
The sensible thing to do is discharge the invoice as normal as all rents and maintenance charges will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I have given up trying to purchase the freehold in North Ockendon. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Lease Extension case for a North Ockendon flat 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 unexpired residue of the current lease was 57.5 years.
Sixweeks into buying a house in North Ockendon. Conveyancing solicitor has phoned to say the property is "Leasehold". Should this adversely affect our Halifax valuation?
North Ockendon conveyancing does not in most situations involve leasehold houses. The main consideration here is the remaining lease term and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.
On the flip side, if it's, say, 50 years it will have a significant effect on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be specified in the lease to be supplied to your conveyancing practitioner.