I am not well enough to travel far from Woodford. What is the rationale as to why all Woodford conveyancing practitioners are not on all mortgage company panels?
Lenders normally restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that the practice needs to have two or more partners. In addition to restricting the nature of firm, some have made a decision to limit the number of practices they use to represent them. It is worth noting that lenders have no accountability for the accuracy of conveyancing provided by any Woodford property lawyer on their panel. Increases in mortgage fraud was the primary trigger for the reduction of solicitor panels in the last decade notwithstanding that there are conflicting thoughts concerning the extent of solicitor involvement in some of that fraud. Statistics from HMLR exposes that thousands of conveyancing firms only transact one or two conveyances a year. Those vindicating conveyancing panel cuts ask why conveyancing firms deserve any entitlement to remain on a lender panel when clearly conveyancing is not their primary expertise?
Some advice if I may. My Woodford conveyancer is informing me me that he has toconduct Woodford conveyancing searches resulting from the fact thatthe firm are on the Virgin Moneyapproved lawyer panel. These Woodford searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Woodford conveyancing searches.
Will our lawyer be raising enquiries concerning flooding during the conveyancing in Woodford.
Flooding is a growing risk for conveyancers dealing with homes in Woodford. There are those who purchase a property in Woodford, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which should give them a better understanding of the risks in Woodford. The standard information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out whether the premises has ever been flooded. If the residence has been flooded in past and is not revealed by the vendor, then a buyer may commence a legal claim for losses resulting from an inaccurate answer. A purchaser’s solicitors should also carry out an enviro search. This will disclose whether there is a recorded flood risk. If so, further inquiries should be made.
We're FTB’s - had an offer accepted, yet the selling agent told us that the seller will only move forward if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. We would rather use a high street conveyancer with experience of conveyancing in Woodford
We suspect that the seller is unaware of this ultimatum. Should the vendor require ‘a quick sale', turning down a genuine purchaser is likely to cause more damage than good. Bypass the agents and go straight to the owners and make sure they understand (a)you are genuine buyers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your own,trusted Woodford conveyancing solicitors - rather thanthose that will earn their negotiator at the agency a commission or meet his conveyancing thresholds set by HQ.
I am on look out for some leasehold conveyancing in Woodford. Before diving in I want to be sure as to the number of years remaining on the lease.
Assuming the lease is recorded at the land registry - and 99.9% are in Woodford - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Following years of negotiations we are unable to agree with our landlord on how much the lease extension should cost for our flat in Woodford. Can we issue an application to the Residential Property Tribunal Service?
if there is a absentee freeholder or if there is disagreement about what the lease extension should cost, under the relevant statutes you can apply to the First-tier Tribunal (Property Chamber) to decide the price payable.
An example of a Freehold Enfranchisement case for a Woodford premises 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.