My wife and I are purchasing a 2 bedroom flat in Wapping with a mortgage. We have a Wapping solicitor, however the mortgage company advise he's not on their "panel". It appears that we have no option but to select one of the lender panel firms or keep our Wapping lawyer as well as pay for one of their panel firms to act for them. We feel that this is unjust; can we not require that the mortgage company use our Wapping property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Wapping conveyancing solicitor to apply to be on the conveyancing panel.
I am in the process of remortgaging my flat in Wapping, does my lawyer need to be on the Bank of Ireland Solicitor panel?
In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am helping my aunt sell her flat in Wapping. Will the conveyancer commission the energy assessment or should I organise this?
Following the demise of Home Packs, energy assessments was left as a required component of selling a house. An EPC needs to be to hand prior to the property being marketed. This is not a task that law firms ordinarily arrange. Where you are using a Wapping conveyancing solicitor they might help arrange energy assessments given their contacts with long established local assessors
We are planning to move property in July. Will my conveyancing solicitor update the removal company on the completion day. As an aside, can you put forward a removal company in Wapping. Conveyancing lawyer was chosen prior to coming across your page.
On the day of completion you can pick up the keys from your selling agent however this should only be done once the previous owners solicitors confirm to the agent that they have the completion monies and the keys can be collected. Subsequently you should inform the removal men that you are ready to move in. We do not recommend a particular removal company but can help you find a residential property solicitor in Wapping or a lawyer with expertise in conveyancing in Wapping.
Is it correct that all Wapping CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
A selection of lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
Is it necessary to take out insurance to cover chancel repairs when buying a house in Wapping?
Unless a previous purchase of the house completed after 12 October 2013 you may assume that solicitors handling conveyancing in Wapping to remain encouraging a chancel search and or chancel repair liability policy.
My brother has recommend that I use his conveyancing solicitors in Wapping. Should I choose my own conveyancer?
No doubt the best way to select a conveyancing lawyer is to seek recommendations from friends or family who have actually previously instructed the firm that you are contemplating using.
I am looking at a couple of maisonettes in Wapping both have approximately fifty years remaining on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Wapping is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Wapping conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the leaseholder of a two-bedroom flat in Wapping. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Absolutely. We can put you in touch with a Wapping conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Wapping premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired term as at the valuation date was 107 years.