Me and my fiance are purchasing a 3 bedroom flat in Old Ford with a mortgage. We like our Old Ford conveyancer, however the bank says she’s not on their "panel". It seems we have little choice but to instruct one of the mortgage company panel solicitors or retain our Old Ford conveyancer as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; are we not able to demand that the mortgage company use our Old Ford conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Old Ford conveyancing lawyer to apply to be on the conveyancing panel.
My bid for a property was accepted at auction in Old Ford. Conveyancing is required. What are my next steps?
Now that you have for all intents and purposes signed on the dotted line you will need to retain a conveyancing lawyer as a matter of urgency as you will have a pending a fixed date to complete the transaction. Every auction property should have a corresponding auction pack. This will likely include evidence of title and search results. In the case of leasehold premises the conveyancing pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that that you have the requisite funding in place to complete on the on the contractual date .
Can I be sure that the Old Ford conveyancing solicitor on the UBS panel is any good?
When it comes to conveyancing in Old Ford seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the lawyer conducting your conveyancing.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Old Ford building society branch on numerous occasions and was told they are content with the situation and they will lend. My Old Ford conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I simply don't know who is right.
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
We are planning on selling our property in Old Ford and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Old Ford lawyer would know that there is no such problem. It does beg the question why the purchasers are using a factory type conveyancing outfit rather than a conveyancing solicitor in Old Ford. We have lived in Old Ford for many years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
Due to the advice of my in-laws I had a survey completed on a property in Old Ford in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders will not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Old Ford. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you offer any advice when it comes to appointing a Old Ford conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Old Ford conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Old Ford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
-
What volume of lease extensions has the firm completed in Old Ford in the last year?
After years of correspondence we are unable to agree with our landlord on how much the lease extension should cost for our flat in Old Ford. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
if there is a missing landlord or where there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the premium.
An example of a Freehold Enfranchisement case for a Old Ford property is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
I dont have enough spare cash to pay a 10% deposit on my apartment purchase in Old Ford , but I still want to proceed. Do I have options?
One option is to try and agree a lower deposit. Many sellers will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute