Unfortunately I am unable to travel far from Waltham Abbey. What is the rationale as to why all Waltham Abbey property lawyers are not on all lender panels?
Banks tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. Frequent examples of such criteria being that a firm is required to have two or more partners. As well as restricting the structure of firm, some have made a decision to restrict the size of their panel they use to represent them. It is worth noting that building societies have no responsibility for the standard of service given by any Waltham Abbey solicitor on their approved list. Property fraud was the main trigger for the rationalisation of conveyancing panels a few years ago notwithstanding that there are differing thoughts about the extent of solicitor involvement in some of that fraud. Data via the Land Registry exposes that thousands of law practices only transact less than three conveyances annually. Those supporting conveyancing panel consolidation question why law firms should have the right to be on a lender panel when clearly property law is not their speciality?
I am purchasing a new build duplex in Waltham Abbey and my solicitor is informing me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It has been four months following my purchase conveyancing in Waltham Abbey concluded. 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 asset 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.
How does conveyancing in Waltham Abbey differ for newly converted properties?
Most buyers of new build residence in Waltham Abbey contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Waltham Abbey 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 property lawyers 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 accustomed to new build conveyancing in Waltham Abbey or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Waltham Abbey I like with amenity areas and railway links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Waltham Abbey for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
I need to instruct a conveyancing lawyer in Waltham Abbey for my home move. Is there any facility to check a solicitor's record with the profession’s regulator?
Members of the public can find presented Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after Jan 2008. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a solicitors history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator could monitor call for training purposes.