I am 3 weeks into the sale of my house in Chalk Farm and the estate agent has just telephoned to say that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Chalk Farm ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 purchasers are not going to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Chalk Farm? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Chalk Farm conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to validate not just the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
Will my conveyancing lawyers need to check that the building insurance when buying a house in Chalk Farm. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/7/2024, the requirements read as follows :
Is it necessary to pay for insurance to address the risk of chancel repairs when purchasing a residence in Chalk Farm?
Unless a previous acquisition of the property completed after 12 October 2013 you could expect conveyancing practitioners handling conveyancing in Chalk Farm to continue to propose a a chancel search and or chancel repair liability policy.
Do I need to be concerned about estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Chalk Farm conveyancing company?
As with lots of professional services, often referrals from connections can be worth their weight in gold. Yet there are lots of players in a conveyancing matter; estate agents, mortgage brokers and lenders may suggest conveyancers to retain. Sometimes these solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the recommendation. You have the discretion to appoint your own conveyancer. You need to be aware that the majority of lenders operate an approved list of conveyancers you must use for the lender aspect of your home move.
Can you provide any top tips for leasehold conveyancing in Chalk Farm from the perspective of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Chalk Farm can be reduced where you instruct lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ lawyers. You may think that you are aware of the number of years left on your lease but you should verify this via your conveyancers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. If you hold a share in a the Management Company, you should ensure that you have the original share certificate. Organising a replacement share certificate is often a time consuming process and delays many a Chalk Farm home move. Where a reissued share certificate is needed, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Chalk Farm state that internal structural alterations or laying down wooden flooring require a licence issued by the Landlord acquiescing to such changes. Should you fail to have the consents in place do not communicate with the landlord without contacting your lawyer first.
I have attempted and failed to negotiate with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Chalk Farm conveyancing firm to represent me?
Most certainly. We are happy to put you in touch with a Chalk Farm conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Chalk Farm premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired term was 64.77 years.