I am one month into the sale of my flat in Poplar and the estate agent has just called to say that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Poplar ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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. Plenty of firms 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. Your purchasers are not going to have any impact on this.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Poplar?
Unless a prior purchase of the property completed post 12 October 2013 you can take it that lawyers conducting conveyancing in Poplar to continue to recommend a chancel search and or insurance against a claim.
About to purchase a new build apartment in Poplar. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Poplar
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Please confirm the Lease plans are architect prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Poplar I like with amenity areas and transport links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Poplar suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
My father-in-law has suggested that I use his lawyers for conveyancing in Poplar. Do I follow his advice?
Much as we are happy to recommend a Poplar conveyancing lawyer it’s preferable to find a conveyancing lawyer is to have guidance from friends or family who have used the conveyancer that you are considering.
Estate agents have just been given the go-ahead to market my ground floor apartment in Poplar. Conveyancing has not commenced, however I have just received a half-yearly maintenance charge invoice – what should I do?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as usual because all rents and maintenance invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies 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. Having a clear account will assist your cause and will leave you no worse off financially.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Poplar conveyancing firm to assist?
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 LVT to decide the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Poplar flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case related to 3 flats. The unexpired residue of the current lease was 101.61 years.