Me and my fiance are planning to purchase a 2 bedroom flat in Belsize Park with a mortgage. We like our Belsize Park lawyer, however the mortgage company advise he's not on their "panel". It appears that we have little choice but to use one of the bank panel conveyancing practices or continue with our Belsize Park lawyer and pay for one of their panel lawyers to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. 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. A further alternative is for your Belsize Park conveyancing lawyer to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Belsize Park is more expensive?
In summary, leasehold conveyancing in Belsize Park and elsewhere usually involve additional due diligence compared to freehold transactions. This includes analysing the lease terms, liaising with the landlord concerning serving required notices, obtaining up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
My father pointed out to me me that in purchasing a property in Belsize Park there may be various restrictions preventing external alterations to a property. Is this right?
We are aware of a number of properties in Belsize Park which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Belsize Park should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Belsize Park conveyancing solicitors on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative conveyancing panel they would need to be regulated by the SRA. Some lenders do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
We are getting a further advance on our home loan from Kent Reliance as we wish to conduct renovations to our property in Belsize Park. Are we obliged to appoint a nearby Belsize Park solicitor on the Kent Reliance conveyancing panel to handle the legals?
Kent Reliance don't usually require firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
How does conveyancing in Belsize Park differ for newly converted properties?
Most buyers of new build or newly converted property in Belsize Park come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Belsize Park typically buy the site, 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 used to new build conveyancing in Belsize Park or who has acted in the same development.
Am I better off to choose a Belsize Park conveyancing lawyer in close proximity to the house I am purchasing? An old friend can carry out the legal formalities however they are based 300kilometers drive away.
The primary upside of using a high street Belsize Park conveyancing practice is that you can drop in to sign documents, present your ID and apply pressure on them where appropriate. Having local Belsize Park know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were happy that should trump using an unfamiliar Belsize Park conveyancing lawyer just because they are round the corner.
Living abroad I am unable to travel my Belsize Park conveyancing solicitors office to sign documents for conveyancing in Belsize Park – will this be an issue?
Not a problem. Belsize Park conveyancing solicitors can conduct home moves for clients nationally. You are unlikely to be required to visit a Belsize Park conveyancers office. They can deal with everything via phone, post and email - whatever works for you.