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Recently asked questions about conveyancing in Wapping

As someone with no idea as to conveyancing in Wapping what is the number one tip you can give me concerning the ownership transfer in Wapping

Not many law firms shout this from the rooftops but conveyancing in Wapping and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is plenty of opportunity for conflict between you and other parties involved in the transaction. For instance, the seller, selling agent and even potentially your lender. Appointing a law firm for your conveyancing in Wapping an important selection as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to protect your best interests and to protect you.

Sometimes a potential adversary will try and sway you that you should follow their advice. For instance, the estate agent may claim to be helping by claiming that your solicitor is wrong. Or your mortgage broker may advise you to do take action that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.

is it true that all Wapping conveyancing solicitors on the UBS conveyancing panel are regulated by the SRA?

As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.

It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Wapping bank branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Wapping conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their specific requirements. I have no idea who is right.

Provided that the lawyer is on the mortgage company approved list, they must adhere to the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

After what feels like an age I have had an offer on a maisonette in Wapping accepted, the owners do nevertheless have an associated purchase. The owners have placed an offer on a flat, however it’s not yet agreed to, and have viewings of other flats booked. I have selected a high street conveyancing solicitor in Wapping. What do I do now? When should I get the mortgage application with Nottingham going?

It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Wapping conveyancing search fees, etc). The first thing to do is ensure that your solicitor is on the Nottingham conveyancing panel. Regarding the subsequent steps this very much dictated by the circumstances of your transaction, desire for the property and on the state of the market. In a buoyant market some home buyers will apply for a home loan with Nottingham and arrange for the valuation and only if it was satisfactory would they pay their solicitor to press on with searches.

Due to the encouragement of my in-laws I had a survey completed on a property in Wapping in advance of appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some lenders will not give a loan on a flying freehold house.

It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wapping. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wapping to see if the conveyancing will be more expensive.

I was pointed in your direction by a few property agents in Wapping to locate a conveyancer using your seach tool. Is there a financial upside for Estate Agents to promote your services over and above another?

We don’t give any commission for pointing buyers and sellers our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.

Can you provide any top tips for leasehold conveyancing in Wapping with the aim of speeding up the sale process?

  • Much of the delay in leasehold conveyancing in Wapping can be reduced where you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers’ conveyancers.
  • If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing 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 ahead of 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 better to reveal the dispute as over rather than unresolved. You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. It is therefore essential 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 premises on the market for sale. If you hold a share in a the Management Company, you should ensure that you are holding the original share certificate. Arranging a re-issued share certificate can be a lengthy formality and frustrates many a Wapping home move. Where a new share certificate is required, do contact the company officers or managing agents (if relevant) for this sooner rather than later.

Following months of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Wapping. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Most certainly. We are happy to put you in touch with a Wapping conveyancing firm who can help.

An example of a Freehold Enfranchisement matter before the tribunal for a Wapping flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The remaining number of years on the lease was 107 years.

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Find out more about how flying freehold can affect your the value of a property.