My partner and I are planning to purchase a home in West Beckton and are in fact using a West Beckton conveyancing practice. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. TSB have this afternoon contacted us to advise us that they have now hit a problem as our West Beckton conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 lender’s conveyancing panel and you may continue to use your own West Beckton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am purchasing a semi-detached house in West Beckton. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in West Beckton you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in West Beckton.
Will my solicitor be making enquiries about flooding during the conveyancing in West Beckton.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in West Beckton. There are those who purchase a property in West Beckton, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in West Beckton. The standard property information forms sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to determine whether the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a buyer could bring a claim for damages resulting from an incorrect response. A buyer’s solicitors should also commission an enviro report. This should reveal if there is a recorded flood risk. If so, more detailed inquiries should be made.
3 months have gone by following my purchase conveyancing in West Beckton concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a flat up to £305k and identified one close by in West Beckton I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in West Beckton in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
My a dozen years ago. He has been wed, widowed and is now remarried. He now wishes to dispose of the West Beckton property. I suspect that he will just be asked to provide a copy of the marriage certificates to the conveyancing practitioner however he is anxious it could hold up the conveyancing. Should he appoint a lawyer to update the Land Registry information for the property?
You are not required to bring up to date the title for the property providing you have the proof required to show how the change of name has come about.
The buyer’s property lawyer will examine the registered information and ask for evidence by way of proof of the name change e.g. marriage certificates.