I am selling my flat in Victoria Park and the estate agent has just called to say that the purchasers are swapping law firm. The excuse is that the lender will only work with solicitors on their approved list. On what basis would a major mortgage company only work with certain solicitors rather the firm that they want to choose for their conveyancing in Victoria Park ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. 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 hearing daily from firms that have been removed from panels. Plenty of firms 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 buyers are not going to have any impact on this.
I am selling my apartment in Victoria Park. Does my conveyancer have to be on the Kent Reliance conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Kent Reliance conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
There is lots of information on this site about conveyancing in Victoria Park but what is your top tip for finding the right conveyancer in Victoria Park
It would be unwise to be swayed by the lowest Victoria Park conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
We are purchasing a 4 bedroom semi-detached house in Victoria Park. The intention is to convert the garage to an office at the house.Will the conveyancing process include enquiries to ascertain if these alterations are prohibited?
Your conveyancer will check the registered title as conveyancing in Victoria Park will occasionally identify restrictions in the title deeds which prohibit certain alterations or need the consent of a 3rd party. Many extensions call for local authority planning permissions and approval in accordance building regulations. Many areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these issues with a surveyor before you commit yourself to a purchase.
Our sealed bid on a house in Victoria Park has been agreed to, but there is a chain. The vendors have offered on somewhere, however it’s not been accepted yet, and have viewings of other flats booked. I have instructed a local conveyancing solicitor in Victoria Park. What do I do now? At what stage should I apply for the mortgage with Co-operative?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then valuation, Victoria Park conveyancing search fees, etc). First, you must check that your lawyer is on the Co-operative approved list. As to the subsequent stages this very much dictated by the specifics of your transaction, desire for this property and on the state of the market. During a rising market many purchasers will apply for the mortgage with Co-operative and arrange for the valuation and only if it comes back ok would they pay their lawyer to move forward with searches.
What will a local search inform me about the house we're purchasing in Victoria Park?
Victoria Park conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Searches UK The local search plays an important role in many a Victoria Park conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in Victoria Park differ for new build properties?
Most buyers of new build premises in Victoria Park come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Victoria Park usually purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Victoria Park or who has acted in the same development.
Last December I purchased a leasehold flat in Victoria Park. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Victoria Park - Examples of Questions you should consider Prior to buying
The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees enjoy being in charge if their destiny and even though a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Can you inform me if there are any major works in the near future that will likely increase the service costs? Who manages the block?