My husband and I are hoping to buy a home in Waltham Abbey and are in fact using a Waltham Abbey conveyancing practice. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Virgin Money have this morning contacted us to advise us that there is now an issue as our Waltham Abbey solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property with the assistance of a mortgage it is conventional for the purchasers' solicitors to also represent 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 solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Waltham Abbey solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our grandson is buying a newly built flat in Waltham Abbey with a mortgage from Co-operative. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am buying a new build flat in Waltham Abbey. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Waltham Abbey
There must be mutual enforceability of lessee’s covenants. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
I decided to have a survey done on a house in Waltham Abbey prior to retaining lawyers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies will not issue a loan on this type of premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Waltham Abbey. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it simple use the search app to locate a conveyancing practitioner in Waltham Abbey on the authorised to act for my lender?
Step one is to choose a lender such as Accord Mortgages Ltd, Chelsea Building Society or Aldermore then choose your location for instance Waltham Abbey. Conveyancing organisations in Waltham Abbey and further afield should be shown.
I today found out that one of the partners of the law firm handling the purchase conveyancing in Waltham Abbey is related to the owners that we are buying from. Is this allowed?
Provided there is no conflict of interest this should be fine. If you are needing mortgage finance then the mortgage company may have a say as many mortgage companies have specific instructions on this. For example for RBS (One Account) as of 27/6/2022, the requirements read as follows :