Unfortunately I am unable to travel far from North Woolwich. I would like to know the logic why all North Woolwich conveyancers aren't automatically on all mortgage company panels?
A decade ago most banks demonstrated an approach to risk which is different from today. The Financial Services Authority in 2010 carried out a thematic review into fraud which concluded: know the lawyers on your panel. As a result, lenders have subsequently requiredmore data from law firms about their operations and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the mortgage companies insisted on.
My lawyer in North Woolwich is not listed on the Yorkshire Building Society Solicitor Panel. Is it possible for me to use my family solicitor even though they are not on the Yorkshire Building Society approved list?
Your options are as follows:
- Complete the purchase with your existing North Woolwich lawyers but Yorkshire Building Society will need to use a solicitor on their list of acceptable firms. This will result in additional total legal charges and result in delays.
- Choose a new lawyer to to deal with the conveyancing, remembering to check they are on the Yorkshire Building Society panel
Is there a list of Skipton panel solicitors in North Woolwich on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of banks make their panel listings viewable online. Where you are in need of a North Woolwich lawyer on the Skipton please use our tool.
I have today made my last payment due on my mortgage with Virgin Money. I assume I don't need a North Woolwich conveyancer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being difficult. The North Woolwich solicitor who is on the Co-operative conveyancing panel is saying indemnity insurance will be fine but Co-operative are insisting on a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I'm purchasing my first flat in North Woolwich with a mortgage from Yorkshire Building Society. The developers would not reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my solicitor about this deal as it will put at risk my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one close by in North Woolwich I like with a park and transport links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in North Woolwich suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage that many years will be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I've recently bought a leasehold property in North Woolwich. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a basement flat in North Woolwich. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
You certainly can. We are happy to put you in touch with a North Woolwich conveyancing firm who can help.
An example of a Lease Extension decision for a North Woolwich flat is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The unexpired term was 69.77 years.