I am buying a flat in Alexandra Park. My property lawyer is not listed on the bank solicitor list. Am I still permitted to appoint my Alexandra Park conveyancing solicitor even though they are not on the lender panel?
Various options include
- Carry on with your chosen Alexandra Park solicitor but your mortgage company will no doubt retain a conveyancer on their approved list. The net result is additional cost together with likely frustration.
- Get a new solicitor to act in the purchase, making sure they are on the bank conveyancing panel.
- Appeal to your lawyer to seek to join the mortgage company panel
My lawyer has uncovered a defect with the lease for the property we are buying in Alexandra Park. The seller’s lawyers have offered defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that he must check that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
As a FTB what is the most important number one tip you can impart concerning purchase conveyancing in Alexandra Park?
You may not hear this from too many lawyers but conveyancing in Alexandra Park and elsewhere in North London is often a confrontational process. In other words, when it comes to conveyancing there exists plenty of room for friction between you and other parties involved in the home moving process. For example, the vendor, estate agent and on occasion your bank. Appointing a solicitor for your conveyancing in Alexandra Park is a critical decision as your conveyancer is your adviser, and is the ONE party in the transaction whose responsibility is to protect your best interests and to keep you safe.
There is a worrying creep of a "blame" culture- someone has to be at fault for the process taking so long. We recommend that you your first instinct should be to trust your solicitor above all other parties in the home moving process.
Our mortgage company has recommended a law firm on their panel based in Alexandra Park but I would rather choose a conveyancing lawyer in Alexandra Park or nearer to where I live. Can you help?
It is by no means the case that all Alexandra Park conveyancing practices are listed all banks conveyancing panel. Please make the most of the above find an approved solicitor tool to choose a Alexandra Park conveyancing solicitor on the on the mortgage company panel.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Alexandra Park I like with a park and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Alexandra Park in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I'm remortgaging a flat in Alexandra Park. I can find my conveyancer's company on the CLC list, but I can't see my conveyancer's name on the list. Should I be concerned?
Not every individual in the company must be listed by the regulator. Provided there is a manager qualified to 'oversee' the work, the actual day-to-day activity can be undertaken by unlicensed staff.