My partner and I are planning to buy a home in Walthamstow and are in fact using a Walthamstow conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to inform me that they have now hit a problem as our Walthamstow lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for the mortgage company. 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 bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Walthamstow solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
The housing market in Walthamstow is hotting up. What can I do to accelerate the legal process?
Where the seller is applying time constraints to sign contracts it is advisable to make sure that your solicitor is familiar with the location as they will have local relationships and know-how. It is even conceivable that they may have conducted previoushomes in the same street. You would be best advised to use a Walthamstow conveyancing firm. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Walthamstow conveyancing deals are delayed or jeopardised after finding out that a buyer’s solicitor was not on their banks panel. In many cases this discovery resulted in the transaction being frustrated by almost three weeks. It is estimated that this issue impacts in the region of 100,000 home moves every year. Almost all Walthamstow conveyancing practices can not represent certain mortgage companies so do check at the outset.
It is a dozen years since I bought my property in Walthamstow. Conveyancing lawyers have just been appointed on the sale but I can't locate the deeds. Is this a major issue?
Don’t worry too much. First the deeds may be retained by the mortgage company or they may be in the possession of the solicitor who handled your purchase. Secondly the likelihood is that the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring up to date copy of the land registers. Almost all conveyancing in Walthamstow involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
We're in Walthamstow, First time buyers buying with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
About to purchase a new build flat in Walthamstow. Conveyancing is necessary evil 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 is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Walthamstow
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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
What does commercial conveyancing in Walthamstow cover?
Walthamstow conveyancing for business premises covers a wide array of advice, offered by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.