I am selling my ground floor flat in Ponders End and the estate agent has just telephoned to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Ponders End ?

Mortgage companies have always had an approved set of law firms that can act for them, 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 acted for them for many years.

Lending institutions justify this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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.

Can conveyancing in Ponders End to be done in under two weeks?

Where the seller is applying time constraints for your conveyancing we would recommend that your lawyer is familiar with the location as they will benefit local contacts and knowledge. It is possible that they may have handled previousproperties in the same street. You would be best advised to use a Ponders End conveyancing firm. In addition, be sure that the conveyancing firm is on the member panel. It is believed that 18% of Ponders End conveyancing deals are held up or jeopardised after finding out that a buyer’s lawyer was not on their banks list of approved solicitors. This can often result in the transaction being frustrated by almost three weeks. It is believed that this issue impacts approximately one hundred thousand home moves every year. Many Ponders End conveyancing practices can not act for certain lenders so do check as early as possible.

About to purchase a new build apartment in Ponders End. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Ponders End

Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared.

I am looking for a flat up to £235,500 and identified one close by in Ponders End I like with open areas and station in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Ponders End for this price, so just wondered if I would be making a grave error buying a short lease?

Should you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.

I am looking to sell my house. My former lawyers has retired. It would be helpful to have a recommendation of a conveyancing firm. Im based in Ponders End if that affects matters.

Do use our search tool to help you find a solicitor for your conveyancing in Ponders End. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.