Do lenders provide you with an approved list of Victoria Docks conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Victoria Docks conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
My fiance and I wish to acquire a newly converted apartment in Victoria Docks with a residential mortgage from The Mortgage Works.We would like to retain our Victoria Docks conveyancing practitioner but The Mortgage Works says his firm is not on their approved list of member firms. It seems we are left with little choice but to instruct a The Mortgage Works panel firm or retain our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
No, not really. The home loan offered to you contains terms and conditions, one of which will be that conveyancers needs to be on the The Mortgage Works approved list. 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 lawyer to apply to be on the conveyancing panel for The Mortgage Works
Should my conveyancer be making enquiries about flooding as part of the conveyancing in Victoria Docks.
Flooding is a growing risk for lawyers conducting conveyancing in Victoria Docks. Plenty of people will buy a house in Victoria Docks, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of checks that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Victoria Docks. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a legal claim for losses as a result of such an incorrect reply. A buyer’s solicitors may also commission an environmental report. This should reveal whether there is any known flood risk. If so, more detailed inquiries will need to be initiated.
I have just started marketing my basement flat in Victoria Docks. Conveyancing is yet to be initiated, however I have just had a yearly service charge demand – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the invoice as you normally would as all ground rent and service invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until 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. This will smooth the conveyancing process.
I inherited a a ground floor purpose built flat in Victoria Docks. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the sum due for the purchase of the freehold?
in cases where there is a missing landlord or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.
An example of a Lease Extension case for a Victoria Docks premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case was in relation to 1 flat. The remaining number of years on the lease was 69.77 years.
Our estate agent has suggested using their property lawyer for the conveyancing in Victoria Docks - Surely it’s advisable to just instruct them?
It is worth checking if the estate agent is recommending a conveyancing practitioner or introducing to a conveyancer. There are plenty of Victoria Docks estate agents who recommend two or three Victoria Docks conveyancing firms purely based on those lawyers offering a great service.