What happens if my solicitor is expelled from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Chingford?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Can you help - my lawyer advises that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Chingford?
The right level of chancel indemnity insurance should be dictated by who who your lender is. It would differ for example between Santander and Barnsley Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
The mortgage over my property is with RBS for my property in Chingford. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
You must advise RBS prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies 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 RBS directly. You need not do this via a RBS conveyancing panel solicitor.
Planning on purchasing a flat in Chingford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Chingford lawyer is on the Kent Reliance conveyancing panel.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Chingford is the location of the property. What do you suggest?
Flying freeholds in Chingford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Chingford you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chingford may determine 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.
I was advised by a few selling agents in Chingford to locate a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to promote your lawyers over a competitor’s?
We refuse to give any financial incentive for pointing buyers and sellers our way. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I have just appointed agents to market my ground floor apartment in Chingford. Conveyancing is yet to be initiated, however I have recently received a half-yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as normal as all ground rent and service payments should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I have had difficulty in trying to reach an agreement for a lease extension in Chingford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Absolutely. We are happy to put you in touch with a Chingford conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Chingford 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 unexpired term as at the valuation date was 69.26 years.