I am in the process of selling my ground floor flat in Chelsea and the EA has just called to warn that the purchasers are swapping solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a major lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Chelsea ?
Banks have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, 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 cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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. The purchasers are unlikely to have any sway in the decision.
Do banks and building societies provide you with an approved list of Chelsea conveyancing solicitors? How do you know who is on the Kent Reliance conveyancing panel?
Chelsea conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Chelsea with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?
There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Chelsea. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Chelsea
Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Hoping to buy a property located in Chelsea and I am already nervous. I couldn't find anything specific about Chelsea. Conveyancing will be needed in due course but do you know about the Chelsea area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chelsea. In the meantime here are some basic statistics that we found
My step-father has urged me to instruct his conveyancing solicitors in Chelsea. Should I choose my own solicitor?
Much as we are happy to recommend a Chelsea conveyancing lawyer the ideal way to find a conveyancing lawyer is to seek guidance from friends or family who have actually used the solicitor you're considering.