My wife and I are planning to buy a 3 bedroom apartment in Wapping with a mortgage. We wish to retain our Wapping lawyer, however the bank says he's not on their "panel". We have to appoint one of the bank panel firms or keep our Wapping property lawyer and pay for one of their panel ones to act for them. This feels very unfair; can we not require that the bank use our Wapping conveyancer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Wapping conveyancing solicitor to apply to be on the conveyancing panel.
Is it possible for conveyancing in Wapping to be done inside 28 days?
In a situation where the seller is applying pressure for your conveyancing we would recommend that your solicitor is familiar with the area as they will benefit local connections and knowledge. It is possible that they would have transacted previoushouses in the same neighbourhood. Therefore consider using a Wapping conveyancing firm. In addition, check that the lawyer is on the lender panel. It is understood that 18% of Wapping conveyancing transactions are held up or derailed after discovering a buyer’s lawyer was not on their banks list of approved solicitors. In many cases this discovery resulted in the home move being held up by an average of three weeks. It is understood that this issue impacts in the region of 100,000 home moves every year. Almost all Wapping conveyancing firms can not represent certain mortgage companies so do check as early as possible.
It is is a decade since I bought my house in Wapping. Conveyancing lawyers have just been retained on the sale but I can't find my deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the lender or they may be in the possession of the conveyancers who handled the purchase. Secondly in most cases the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring current official copies of the land registers. The vast majority of conveyancing in Wapping relates to registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would much rather appoint a Wapping based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers should you want the "fee-free" deal. Contact the lender to ask if they allow a cash alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in Wapping.
I am buying a new build apartment in Wapping. Conveyancing is necessary evil 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 may expect your new-build leasehold conveyancing in Wapping
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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Wapping I like with a park and railway links nearby, however it only has 52 years on the lease. I can't really find anything else in Wapping suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.