I am progressing with the sale of my house in Wanstead and the estate agent has just text me to say that the buyers are changing their solicitor. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a big named mortgage company only deal with specific solicitors rather the firm that they want to select for their conveyancing in Wanstead ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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 do not even realise 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 unlikely to have any sway in the decision.
The sellers of the home we are looking to purchase have instructed a conveyancing firm in Wanstead who has insisted on a lock out agreement with a deposit 10k. Are such arrangements the norm for Wanstead conveyancing transactions?
There are a couple of primary concerns with entering into any lock out contract (sometimes known as a no-shop agreement) is that it diverts attention away from making progress with the conveyancing transaction itself, so unless it requires little or no negotiation then it could transpire to be unhelpful. It is not particularly popular amongst Wanstead conveyancing practitioners as a result. A further issue is the extent of the remedies available - a jilted buyer should not expect to secure injunctive relief to prohibit the vendor selling to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in restricted circumstances, the additional payment of penalties.
I am the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Wanstead. Conveyancing formalities meant that the Land Registry date was in October. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership may be considered the same way as though I had purchased the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view banks take of it, depend on the lender as this obligation is chiefly there to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
Is there a list of Bank of Ireland panel solicitors in Wanstead on the Council of Mortgage Lender’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lending institutions make their panel listings open the public online. Where you are in need of a Wanstead conveyancer on the Bank of Ireland please use our tool.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Wanstead solicitor - who is on the Nationwide conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Wanstead postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Wanstead.
Have purchased a a semi-detached house in Wanstead , What is the estimated time for the Land Registry to record my title? My Wanstead conveyancing solicitor works at snail pace, so I want to be certain that my ownership is registered.
There is nothing unique when it comes to conveyancing in Wanstead registration formalities. Rather than based on location, timeframes can vary according to who lodges the application, whether it is in order and whether the Land registry communicate with any interested parties. At present in the region of three quarters of submission are completed in less than three weeks but occasionally there can be protracted hold-ups. Registration takes place after the buyer has moved in to the premises thus post completion formalities is not always primary concern but if there is a degree of urgency associated with the registration then you or your conveyancer must contact the land registry and explain the circumstances.
I am buying a new build flat in Wanstead. Conveyancing is a frightening process 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 legal work.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Wanstead
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply a car parking plan. 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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
For various reasons I cannot attend my Wanstead conveyancing lawyers office to sign documents connected to my conveyancing in Wanstead – will this be an issue?
You need not be concerned. Wanstead conveyancing lawyers can deal with conveyancing transactions for clients across the country. It is not necessary for you to be able to attend a Wanstead conveyancers office. They can deal with everything remotely from their Wanstead premises.