I am nearing exchange of contracts for my house in Woodford Green and the EA has just text me to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their conveyancing panel. Why would a leading mortgage company only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Woodford Green ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 being contacted daily by practices that have been removed from panels. Some 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. The buyers are unlikely to have any sway in the decision.
Would the conveyancing practitioners that you recommend handle right to buy conveyancing in Woodford Green?
We work with a variety of conveyancing experts who can handle right to buy conveyancing matters Do e-mail the solicitors listed in order to obtain a costs illustration.
Why do I have to pay up front for my conveyancing in Woodford Green?
If you are buying a property in Woodford Green your lawyer will ask you to provide them with monies to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the down payment is as part of the purchase price then this should be needed immediately ahead of contracts are exchanged. The final balance that is due should be transferred shortly before completion.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The lawyers who dealt with the conveyancing in Woodford Green 4 years ago are no longer around. What are my options?
Nowadays there are copies made of almost everything, and your solicitor should know exactly where to look for all the appropriate paperwork so you may buy or dispose of your house without any difficulty. If duplicates can’t be found, your lawyer can arrange cover in the form of insurance or indemnities against possible claims on the premises.
I am looking at a two maisonettes in Woodford Green which have in the region of fifty years remaining on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Woodford Green is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Woodford Green conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Having spent years of dialogue we cannot agree with our landlord on how much the lease extension should cost for our flat in Woodford Green. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
in cases where there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Freehold Enfranchisement decision for a Woodford Green flat 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 remaining number of years on the lease was 69.26 years.
Am in the process of purchasing my first property in Woodford Green. Conveyancing lawyer has been chosen. The mortgage adviser pointed out that a survey is not appropriate as the property was only constructed in 2002.
You would be best advised to have a Home Buyer's Report. As the property was built more than a decade ago the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could be enough. They will highlight any apparent problems and suggest additional investigation where relevant. If there are any indications of material issues get a full structural survey.