I am nearing exchange of contracts for my home in Waltham Forest and the estate agent has just text me to warn that the purchasers are switching property lawyer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Waltham Forest ?
Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
My aunt passed away 10 months ago and as sole heir and executor I was left the house in Waltham Forest. The house had a small mortgage remaining of approximately £4500. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?
Where you plan to refinance then Principality will insist on your using a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
Just bought a terraced house in Waltham Forest , how long should it take for the Land Registry to register my proprietorship? My Waltham Forest conveyancing solicitor has been painfully slow, so I want to be sure the post completion formalities are concluded.
As far as conveyancing in Waltham Forest registration is no quicker or slower than anywhere else in the country. Rather than based on location, timeframes can adjust subject to who lodges the application, whether there are errors and if the Land registry communicate with any interested persons or bodies. As of today in the region of three quarters of submission are fully addressed in less than three weeks but some can be subject to protracted delays. Historically registration occurs after the buyer is living at the property therefore 'speed' is not always top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers could speak with the land registry and explain the circumstances.
How does conveyancing in Waltham Forest differ for new build properties?
Most buyers of new build residence in Waltham Forest approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Waltham Forest typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Waltham Forest or who has acted in the same development.
What does commercial conveyancing in Waltham Forest cover?
Waltham Forest conveyancing for business premises covers a wide range of advice, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.