Am I correct in assuming that the fact that my conveyancer in West Ham is not on my lender's conveyancing panel that there is a problem with the standard of his work?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the West Ham conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
I am the registered owner of a freehold residence in West Ham but still invoiced for rent, why is this and what is this?
It’s unusual for properties in West Ham and has limited impact for conveyancing in West Ham but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
How does conveyancing in West Ham differ for new build properties?
Most buyers of new build premises in West Ham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in West Ham usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in West Ham or who has acted in the same development.
Should I be wary by 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a local West Ham conveyancing practice?
As is the case with many service providers, often suggestions from family and friends can be worth their weight in gold. Nevertheless there are lots of parties with a vested interest in a conveyancing deal; estate agents, financial adviser and lenders may put forward solicitors to retain. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to choose your preferred conveyancer. Don't forget that most banks have an approved list of conveyancers you are obliged to use for the mortgage aspect of your transaction.
I own a two-bedroom flat in West Ham. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the premium due for the purchase of the freehold?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the price payable.
An example of a Lease Extension case for a West Ham residence is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.
Are there common deficiencies that you encounter in leases for West Ham properties?
There is nothing unique about leasehold conveyancing in West Ham. All leases are individual and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the building
You could encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to pull out.
I have today placed an offer on a leasehold flat in West Ham and the broker that we are using suggested his property lawyer. They quoted £800 including VAT and 3rd party costs. Does this sound like a good deal?
Don't just go on one estimate. One should seek like-for-like quotes for your conveyancing in West Ham. Then pick one that you trust and just as important, is on the approved panel of the lender that you are sourcing your mortgage from.