Will conveyancers request money up-front for conveyancing in Blackfriars?
If you are buying a property in Blackfriars your solicitor will request that you to provide them with monies to cover the search fees. Generally this is requested to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this will be needed immediately before contracts are exchanged. The final balance that is needed should be transferred a few days ahead of the day of completion.
The mortgage over my property is with Barclays for my property in Blackfriars. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention prior to letting out your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. It should not be necessary to do this via a Barclays conveyancing panel firm.
After much negotiation I have agreed a price on a house in Blackfriars. My mortgage broker suggested a lawyer. I paid an upfront payment of £175. Shortly after, the property lawyer contacted me sheepishly admitting that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am due to exchange contracts on my flat. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Kent Reliance are being problematic. The Blackfriars solicitor who is on the Kent Reliance conveyancing panel is saying indemnity insurance will be fine but Kent Reliance are requiring a building regulation certificate. Why do Kent Reliance have a conveyancing panel if they don't accept advice from them?
It is probably the case that Kent Reliance have referred the matter to their valuer. The reason why Kent Reliance may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our conveyancer be asking questions concerning flooding during the conveyancing in Blackfriars.
The risk of flooding is if increasing concern for solicitors dealing with homes in Blackfriars. There are those who acquire a property in Blackfriars, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous checks that can be carried out by the purchaser or by their conveyancers which will figure out the risks in Blackfriars. The standard information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to find out if the premises has historically flooded. In the event that flooding has previously occurred which is not revealed by the seller, then a purchaser may bring a compensation claim resulting from an inaccurate response. The purchaser’s solicitors should also carry out an enviro report. This should higlight if there is a recorded flood risk. If so, further investigations will need to be conducted.
I'm purchasing my first flat in Blackfriars with a mortgage from HSBC Bank. The builders would not budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not to tell my conveyancer about the extras as it could adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Given that I will soon part with over three hundred thousand on a two bedroom apartment in Blackfriars I wish to talk to a conveyancer about myconveyancing in advance of instructing the firm. Is this something that you can arrange?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer who will be carrying out your property ownership legalities in Blackfriars.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter number. The solicitors that we put you in touch with believe that the fees you are calculated and presented to you for your conveyancing in Blackfriars should be the amount on the final invoice that you end up paying.
My nephew is just in the process of moving home, the home loan was agreed last week in principle. When the seller agreed the offer on the apartment we rang the mortgage institution to progress the mortgage application. We were shocked to learn that banks do not accept all solicitor, they need to be on their approved list, is this legal?
Banks normally restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Blackfriars solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.