I am one month into the sale of my flat in Poplar and the estate agent has just e-mailed to say that the buyers are appointing a new property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. Why would a leading lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Poplar ?
Mortgage companies have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies justify this action to a rise in fraud by way of justification for the reduction – criteria have been tightened 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 impact on this.
Is there a reason why leasehold purchase conveyancing in Poplar is more expensive?
Poplar leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am the only recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Poplar. The Poplar property was put into my name in January. I plan to dispose of the property. I do know about the CML six month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this requirement primarily exists to capture the purchase and immediately sell or the flipping of properties.
Is there a list of Lloyds panel solicitors in Poplar on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings viewable over the internet. Where you are looking for a Poplar conveyancer on the Lloyds please use our tool.
is it true that all Poplar conveyancing solicitors on the Skipton conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Skipton conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel and in such a situation the practice would be overseen by the CLC.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Poplar I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Poplar in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan that many years may be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I'm converting the mortgage on my primary property to a buy to let loan with Godiva Mortgages Ltd and intend to use the remaining equity as a deposit on a second house. The neighborhood we are looking at is Poplar. Will your solicitors be able to act for both sets of lenders and link together the transactions?
Do use our comparison tool on this page to check that the solicitors are approved by both banks. On the basis that they are the conveyancer should be able to tie up the two conveyancing matters but you should have a chat with you conveyancer and specify your expectations and requirements.
Looking forward to exchange soon on a basement flat in Poplar. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Poplar should include some of the following:
-
Where does the liability rest for maintaining the window frames How long the lease is. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice? What remedies are open the freeholder should you are in breach of your lease terms? Does the lease prohibit wood flooring?
Having spent months of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Poplar. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Most definitely. We are happy to put you in touch with a Poplar conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Poplar residence 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 number of years remaining on the existing lease(s) was 101.61 years.