My fiance and I are looking to buy a house in Shadwell and have instructed a Shadwell conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barnsley Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Shadwell lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Shadwell lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
I have given 2 months notice to my current landlord and have to leave my rented property in Shadwell by 12/5/2020. Conveyancing for my house purchase is underway. Can I complete in 5 weeks as don't want to have to move into temporary accommodation?
Generally one should not provide notice for your lease unless exchange of contracts has taken place. Assuming that you have not previously done so, speak to your conveyancer and ask them to they apply pressure on the other solicitors, try to get a realistic time scale from them that everyone will aim to achieve
We are selling our property in Shadwell and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the purchasers are using an internet conveyancing practice rather than a conveyancing solicitor in Shadwell. We have lived in Shadwell for 4 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer already. Are they able to advise? You must 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 life insurance to cover that same sickness)
2 months have elapsed following my purchase conveyancing in Shadwell took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £305k and identified one close by in Shadwell I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Shadwell in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I have been pointed in your direction by a number of property agents in Shadwell to choose a conveyancer on your site. What’s the financial inducement for Estate Agents to offer your site rather than a competitor’s?
We refuse to offer any financial incentive for sending work to this site. We found it would be just too difficult a fee as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.