I can't travel far from Blackfriars. I would like to know the understand why all Blackfriars solicitors aren't automatically on all lender panels?
Pre- 2008 most banks had an attitude to risk which is different than today. The FSA in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the solicitors on your panel. Consequently, banks have subsequently soughtmore data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the lenders set.
My aunt passed away six months ago and as sole heir and executor I was left the property in Blackfriars. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Yorkshire BS, pay off the mortgage. Is this possible?
If you plan to re-mortgage then Yorkshire BS will insist on your using a conveyancer on the Yorkshire BS 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 Yorkshire BS 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 Yorkshire BS mortgage is registered as a charge at the Land Registry.
How does conveyancing in Blackfriars differ for newly converted properties?
Most buyers of new build property in Blackfriars approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because house builders in Blackfriars typically buy the land, 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 conveyancers 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 Blackfriars or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Blackfriars is where the house is located. Is there any advice you can give?
Flying freeholds in Blackfriars are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Blackfriars you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blackfriars may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I'm converting the mortgage on my existing home to a buy to let mortgage with Birmingham Midshires and intend to use the remaining equity as a deposit on another property. The location we are looking at is Blackfriars. Will your lawyers be able to act for the two lenders and link together the transactions?
Make use of our search tool on this site to check that the conveyancers are approved by both lenders. On the basis that they are your lawyer should be able to connect the two conveyancing matters but you should talk with you solicitor and specify your desired outcome and needs.
My husband and I are 17 days into a residential purchase having been referred to solicitors by the estate agent to carry out the conveyancing in Blackfriars. I am am starting to be disappointed with the level of service. Could you you assist me in finding new solicitors?
They would need to be very poor in order to consider changing them. Has your mortgage been sent? In the event that it has you must advise them of the new contact details and ensure the offer are issued to the new lawyers. Your solicitor ideally should be on the lenders approved list to avoid escalating expenses and complications. So that should be your starting point. The search tool will help you find a bank approved lawyer for your conveyancing in Blackfriars