My wife and I are looking to purchase a property in Iver and have appointed a Iver conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Norwich and Peterborough Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Iver lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Iver solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
As someone with no idea as to the Iver conveyancing process what’s your top tip you can impart concerning the house moving process in Iver
You may not hear this from too many lawyers but conveyancing in Iver or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there exists an abundance of room for confrontation between you and other parties involved in the legal transfer of property. For instance, the vendor, selling agent and even potentially a mortgage company. Choosing a law firm for your conveyancing in Iver should not be taken lightly as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to look after your legal interests and to keep you safe.
Every so often a potential adversary may attempt to persuade you that you should follow their advice. For instance, the selling agent may claim to be helping by suggesting your conveyancer is dragging his heels. Or your financial adviser may tell you to do something that is against your solicitors recommendation. You should always trust your lawyer above all other parties in the conveyancing process.
We previously selected conveyancers locally in Iver on the Aldermore solicitor panel. They have just billed me an additional charge for dealing with the Aldermore mortgage. Is this an additional conveyancing fee set by Aldermore?
Provided it is contained in their Terms and Conditions or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Aldermore but by your Iver conveyancing practitioner. Plenty of firms on the Aldermore panel will charge ’dealing with mortgage’ fee but many practices include it on their overall fee.
I have paid off my mortgage with Aldermore. I assume I don't need a Iver lawyer on the Aldermore panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
Principality have agreed my mortgage in principle, my offer on a property in Iver has been accepted, what happens next?
Your property agent will need to be advised as to your solicitor's details (make sure the conveyancers are on the bank’s approved list). Telephone Principality or the financial adviser and finish off any appropriate paperwork. Principality will appoint a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Principality will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Iver.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Iver is where the house is located. What do you suggest?
Flying freeholds in Iver are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Iver you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Iver may ascertain 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 residence.
Can you provide any advice for leasehold conveyancing in Iver from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Iver can be avoided where you get in touch lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the purchasers’ representatives. You believe that you know the number of years left on your lease but it would be advisable verify this via your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. The majority of landlords or managing agents in Iver levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Iver. If you have had any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unsettled. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Iver leases often stipulate that internal structural changes or installing wooden flooring calls for a licence issued by the Landlord consenting to such alterations. Where you fail to have the paperwork to hand you should not contact the landlord without checking with your conveyancer before hand.
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can one apply to the Leasehold Valuation Tribunal? Can you recommend a Iver conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Iver conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Iver residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired residue of the current lease was 69 years.