My wife and I are looking to buy a house in Snaresbrook and have instructed a Snaresbrook conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Lloyds TSB Bank have this afternoon contacted us to advise us that there is now an issue as our Snaresbrook conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Snaresbrook solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We note that you have a search directory listing firms on the UBS conveyancing panel. Do companies pay you a referral fee if I appoint them for our conveyancing in Snaresbrook?
We are a listing service only for law firms wishing to communicate if they are on the UBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Snaresbrook.
Should my conveyancer be making enquiries about flooding as part of the conveyancing in Snaresbrook.
The risk of flooding is if increasing concern for solicitors dealing with homes in Snaresbrook. Plenty of people will buy a house in Snaresbrook, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, but there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Snaresbrook. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to find out if the premises has historically flooded. If flooding has previously occurred and is not notified by the seller, then a purchaser could commence a compensation claim stemming from an inaccurate answer. The buyer’s lawyers will also conduct an enviro report. This will reveal whether there is any known flood risk. If so, further inquiries should be carried out.
I am buying a new build flat in Snaresbrook. Conveyancing is daunting 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 conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Snaresbrook
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I have been on the look out for a ground for flat up to £305k and identified one round the corner in Snaresbrook I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Snaresbrook for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Do online conveyancing organisations cover everything a local Snaresbrook solicitor does or must I employ a solicitor for the final stages for my conveyancing in Snaresbrook?
Where you use an online conveyancer they should undertake all the work your Snaresbrook conveyancer would cover.