I am 4 weeks into the sale of my flat in Wood Green and the EA has just called to warn that the buyers are changing their property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major lender only deal with certain lawyers rather the firm that they want to select to handle their conveyancing in Wood Green ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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. Your buyers are not going to have any impact on this.
We previously chose conveyancers locally in Wood Green on the HSBC solicitor panel. They are now charging me an additional fee for the legal aspects of the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your lawyer is entitled to charge a fee for this. This fee is not set by HSBC but by your Wood Green solicitor. Plenty of firms on the HSBC panel will quote an ‘acting for lender’ fee but some firms include it on their overall fee.
Last month we had a mortgage agreed in principle with Nottingham. Wood Green conveyancing solicitors have been appointed. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham done the survey? Have you advised Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my house. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Co-operative are being a right pain. The Wood Green solicitor who is on the Co-operative conveyancing panel is recommending indemnity insurance as a solution but Co-operative are requiring a building regulation certificate. Why do Co-operative have a conveyancing panel if they don't accept advice from them?
It is probably the case that Co-operative have referred the matter to their valuer. The reason why Co-operative may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Wood Green differ for newly converted properties?
Most buyers of new build property in Wood Green come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Wood Green usually acquire the real estate, 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 used to new build conveyancing in Wood Green or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Wood Green is the location of the property. What do you suggest?
Flying freeholds in Wood Green are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wood Green you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wood Green may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to go with a Wood Green conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can perform the legal formalities but her office is 200kilometers away.
The primary upside of using a high street Wood Green conveyancing firm is that you can drop in to execute paperwork, hand in your ID and pester them where appropriate. Having local Wood Green know how is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were happy that should surpass using an unknown Wood Green conveyancing solicitor solely due to them being local.
Having had my offer accepted I require leasehold conveyancing in Wood Green. Before I set the wheels in motion I want to be sure as to the remaining lease term.
Assuming the lease is registered - and 99.9% are in Wood Green - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the registered owner of a a ground floor purpose built flat in Wood Green. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the sum due for a lease extension?
Most definitely. We can put you in touch with a Wood Green conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Wood Green flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.