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Recently asked questions about conveyancing in Becontree

I have given 2 months notice to my existing landlord and have to vacate my let out apartment in Becontree by the end of next month. Conveyancing on my purchase is progressing. Is it possible to complete in 4 weeks as I wish to avoid having to find short term accommodation?

Generally one should not give notice on a rental until exchange of contracts has taken place. Assuming that you have not already done so, speak to your lawyer and request that they chase the sellers lawyers, try to a target completion date that everyone will look to achieve

Is there a reason why leasehold purchase conveyancing in Becontree costs more?

The conveyancing charges for a leasehold property in Becontree is often more expensive when contrasted to a freehold acquisition or disposal. This is because there is an amount of extra time necessary in dealing with the freeholder and management company to obtain evidence concerning whether the rent and service charges have been discharged and whether there are any significant expenditure in the near future on repairs or maintenance of the block.

I have been told by my lawyer that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Becontree conveyancing?

The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Lloyds TSB Bank and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.

I currently have a mortgage with Bank of Ireland for my property in Becontree. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Bank of Ireland?

You must advise Bank of Ireland before letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel lawyer.

I am due to exchange contracts on my house. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Bank of Ireland are being difficult. The Becontree solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?

It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland 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 Becontree differ for new build properties?

Most buyers of new build or newly converted property in Becontree approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Becontree tend to 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 conveyancers 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 Becontree or who has acted in the same development.

My brother has suggested that I instruct his lawyers for conveyancing in Becontree. Should I choose my own solicitor?

There are no two ways about it it’s preferable to select a conveyancing solicitor is to get recommendations from friends or family who have experience in using the firm that you are contemplating using.

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