I am in the process of selling my house in Woodford and the estate agent has just text me to advise that the purchasers are swapping solicitor. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Woodford ?
UK lenders have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that 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 unlikely to have any impact on this.
Our lawyer has discovered a a problem with the lease for the apartment we are purchasing in Woodford. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the bank is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. The appropriate lender provisions have to be complied with.
Will commercial conveyancing searches reveal impending roadworks that could affect a commercial land in Woodford?
Many commercial conveyancing solicitors in Woodford will carry out a SiteSolutions Highways report as it reduces the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Woodford. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Woodford.
For every commercial conveyancing transaction in Woodford it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Woodford commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Woodford.
Am I right to be wary by brokers that I am dealing with are encouraging me to use a national conveyancing firm as opposed to a local Woodford conveyancing firm?
As with lots of service providers, often referrals from family and friends can be extremely useful or valuable. But there are lots of parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies might all suggest solicitors to retain. On occasion the conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You have the right to choose your own conveyancer. However, bear in mind that many banks specify a panel list of solicitors you must use for the mortgage related work in your transaction.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it more attractive. I have just been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Woodford. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
Most houses in Woodford are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Woodford in which case you should be shopping around for a Woodford conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Woodford conveyancing firm to help?
You certainly can. We can put you in touch with a Woodford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Woodford premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired term as at the valuation date was 69.26 years.
I'm remortgaging a apartment in Woodford. I can find my conveyancer's company on the Law Society's list, but I can't see my conveyancer's name as listed on the regulator's website. Should I be concerned?
Not all staff in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the conveyancing, the actual day-to-day activity can be undertaken by unqualified staff.