Me and my partner are hoping to buy a 2 bedroom flat in Grove Park with a mortgage. We like our Grove Park solicitor, but the bank advise he's not on their "panel". It seems we have no option but to select one of the mortgage company panel firms or retain our Grove Park property lawyer and pay for one of their panel ones to represent them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Grove Park conveyancing solicitor to apply to be on the conveyancing panel.
What is the first thing I need to know concerning purchase conveyancing in Grove Park?
Not many law firms or advisers will tell you this but conveyancing in Grove Park or throughout South East London is an adversarial process. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the home moving process. For example, the seller, property agent and even potentially your bank. Choosing a lawyer for your conveyancing in Grove Park should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose role it is to look after your legal interests and to protect you.
On occasion a potential adversary may try and convince you that you should follow their advice. For instance, the estate agent may claim to be assisting by suggesting your solicitor is wrong. Or your mortgage broker may advise you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I'm the only beneficiary of my late father’s will with all property in now in my sole name, including the house in Grove Park. The Grove Park property was put into my name in October. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship may be regarded the same way as if I'd bought the house in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Some banks would take a practical view as this requirement is principally there to pick up on subsales or the wholesaling and assigning of properties.
Bank of Ireland have agreed my mortgage in principle, my bid on a apartment in Grove Park has been accepted, what are the next steps?
Your estate agent will need to be advised as to your property lawyer's details (ensure that the conveyancers are on the lender’s approved list). Contact Bank of Ireland or the financial adviser and finish off any outstanding documentation. Bank of Ireland will instruct a valuer who will get in contact with the estate agent or owners to arrange an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Grove Park.
My sealed bid on a house in Grove Park has been agreed to, but there is a chain. The owners have placed an offer on somewhere, however it’s not yet tied up, and are looking at other flats booked. I have instructed a local conveyancing solicitor in Grove Park. What do I do now? At what stage do I apply for the mortgage with Principality?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then valuation, Grove Park conveyancing search charges, etc). First, you should ensure that your solicitor is on the Principality conveyancing panel. As to the subsequent steps this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a rising market many buyers would apply for the mortgage with Principality and arrange for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
Hoping to buy a property located in Grove Park and I am already nervous. I couldn't find anything specific about Grove Park. Conveyancing will be needed in due course but do you know about the Grove Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Grove Park. In the meantime here are some basic statistics that we found
I have recently realised that I have 72 years remaining on my lease in Grove Park. I need to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the landlord. In some cases a specialist may be useful to try and locate and prepare a report which can be accepted by the court as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor both on proving the landlord’s disappearance and the application to the County Court overseeing Grove Park.
I am the registered owner of a a ground floor purpose built flat in Grove Park. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
Absolutely. We are happy to put you in touch with a Grove Park conveyancing firm who can help.
An example of a Lease Extension case for a Grove Park premises is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case affected 1 flat. The remaining number of years on the lease was 23.26 years.