I am progressing with the sale of my home in Wapping and the estate agent has just text me to advise that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Wapping ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 purchasers are not going to have any sway in the decision.
Me and my wife are acquiring our first house. The conveyancer has calledto enquire if we would like to order supplemental conveyancing searches. Frankly we in the dark as to what's necessary for conveyancing in Wapping
The number and type of Wapping conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your knowledge of the locality and risks, your overall attitude to risk. What matters is that you properly comprehend what information each search could give you. You may then make a decision if you consider that you need that search. Should you be in doubt, ask your conveyancing practitioner to advise.
I decided to have a survey completed on a property in Wapping before retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks may refuse to grant a mortgage on this type of house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wapping. Conveyancing will be smoother if you use a solicitor in Wapping especially if they are accustomed to such properties in Wapping.
In my capacity as executor for the estate of my grandmother I am disposing of a property in Swansea but I am based in Wapping. My conveyancer (who is 250 miles awayrequires that I execute a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Wapping who can witness this legal document for me?
strictly speaking you should not be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are Wapping based
Do you have any advice for leasehold conveyancing in Wapping from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Wapping can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives. Many landlords or Management Companies in Wapping levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Wapping. You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your solicitors. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. It is therefore essential at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a replacement share certificate is often a time consuming process and delays many a Wapping conveyancing deal. If a reissued share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible. Some Wapping leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
Notwithstanding our best efforts, we have been unsuccessful in seeking a lease extension in Wapping. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.
An example of a Freehold Enfranchisement matter before the tribunal for a Wapping residence 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 was in relation to 41 flats. The unexpired term was 107 years.
We are midway through purchasing a residence in Wapping. Conveyancing lawyer has phoned to say the property is "Leasehold". Will this likely adversely affect the marketability of the property?
Wapping conveyancing does not ordinarily involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it shouldn't impact the value too much.
At the other extreme, if it's, say, Sixty years it will have a significant impact on the saleability, and probably wouldn't be acceptable to the lender. The remaining lease term and ground rent will be specified in the lease to be supplied to your solicitor.