I am nearing exchange of contracts for my apartment in Silvertown and the estate agent has just telephoned to advise that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Silvertown ?
Lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
We note that you have a search directory listing firms on the Nottingham conveyancing panel. Do firms pay you a referral fee if I retain them for our own conveyancing in Silvertown?
We are a listing service only for law firms wishing to communicate if they are on the Nottingham conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Silvertown.
I have been referred to a conveyancing solicitor in Silvertown. I I would like to check whether they are accepted on the Nationwide Building Society conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing to do is e-mail your solicitor and ask them if they are on the lender panel. Alternatively you should get in touch with Nationwide Building Society who may be able to confirm.
My uncle informed me that in purchasing a property in Silvertown there could be various restrictions as to what one can do in terms of external changes to the property. Is this right?
We are aware of a number of properties in Silvertown which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Silvertown should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We were going to get a AIP from Coventry BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Coventry BS recommend any Silvertown solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Silvertown solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Silvertown building society branch on various occasions and was told they are content with the situation and they will lend. My Silvertown conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. Who do I believe?
The lawyer must follow the CML 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Planning to sign contracts shortly on a studio apartment in Silvertown. Conveyancing lawyers assured me that they will have a report out to me tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Silvertown should include some of the following:
Repair and maintenance of the premises Advice concerning the obligations as set out in the lease to pay service charges - in relation to the building, and the more general rights a lessee enjoys Whether the lease restricts you from renting out the flat, or working from home Does the lease require carpeting throughout thus preventing wood flooring?
I have given up trying to purchase the freehold in Silvertown. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Silvertown conveyancing firm who can help.
An example of a Lease Extension decision for a Silvertown property is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired lease term was 69.77 years.
We are looking to acquire a repression property in Silvertown and the bank selling require completion inside a month. Can a solicitor complete in this timeframe? Would it be better to use a local Silvertown firm or an online firm that professes to offer speedy conveyancing?
Attend your Silvertown shopping parade. Pop in to two or three companies and request to see a conveyancing solicitor for an estimate. Set out your requirements and get a commitment on speed. Select the firm that comes across as most trustworthy. Make sure to use a solicitor on the list of lawyers who can act for your mortgage company.