Am I correct in assuming that the fact that my conveyancer in Shoreditch is not listed on my mortgage company's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Shoreditch conveyancing firm and ask them why they are no longer on the approved list for your bank.
I happen to be the sole recipient of my late mum's estate and I have everything in my name now, including the my former home in Shoreditch. The Shoreditch property was put into my name in March. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the house in March. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most lenders would take a pragmatic view as this clause primarily exists to capture the purchase and immediately sell or the flipping of property.
Does a directory service exist listing Principality panel solicitors in Shoreditch on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. Very few lending institutions make their panel listings visible on the web. If you are in need of a Shoreditch solicitor on the Principality please make the most of our tool.
Virgin Money have agreed my home loan in principle, my offer on a house in Shoreditch has been accepted, what happens next?
The estate agent will need to be advised as to your conveyancing practitioner's details (make sure the solicitors are on the bank’s panel). Telephone Virgin Money or the broker and finish off any appropriate paperwork. Virgin Money will instruct a valuer who will get in contact with the selling agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. Virgin Money will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Shoreditch.
Will our solicitor be making enquiries regarding flooding during the conveyancing in Shoreditch.
Flooding is a growing risk for conveyancers dealing with homes in Shoreditch. There are those who purchase a property in Shoreditch, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a number of checks that may be carried out by the buyer or by their conveyancers which should figure out the risks in Shoreditch. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser may issue a claim for damages resulting from an inaccurate response. A purchaser’s solicitors will also conduct an environmental report. This will reveal if there is a recorded flood risk. If so, further inquiries should be conducted.
I used Arc property Solicitors a few years ago for my conveyancing in Shoreditch. I now require my file but the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Shoreditch of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I decided to have a survey done on a property in Shoreditch prior to appointing lawyers. I have been advised that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. If you e-mail us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Shoreditch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shoreditch to see if the conveyancing will be more expensive.
Can you provide any advice for leasehold conveyancing in Shoreditch with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Shoreditch can be reduced where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is below 75 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as over as opposed to unsettled. If you are supposed to have a share in the freehold, you should ensure that you are holding the original share certificate. Arranging a duplicate share certificate can be a lengthy process and slows down many a Shoreditch conveyancing transaction. Where a duplicate share certificate is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity.
I have attempted and failed to negotiate with my landlord to extend my lease without any joy. Can I apply to the Leasehold Valuation Tribunal? Can you recommend a Shoreditch conveyancing firm to assist?
You certainly can. We are happy to put you in touch with a Shoreditch conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Shoreditch flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term as at the valuation date was 72.39 years.