My partner and I are hoping to acquire a home in Crouch End and have appointed a Crouch End conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Crouch End conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Crouch End lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Can the conveyancing lawyers via your comparison service carry out conveyancing in Crouch End by way of an attended exchange?
There are a few conveyancing specialists who can conduct personalised exchanges. Please call us to receive a conveyancing quote and details as to availability.
Why do I have to pay up front when it comes to conveyancing in Crouch End?
Where you are retaining lawyers for conveyancing in Crouch End your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this should be needed shortly before contracts are exchanged. Any further balance that is due will be payable a couple of days prior to the completion date.
What is the difference between a licensed conveyancer and conveyancing solicitor in Crouch End
There are many recorded licenced Conveyancers in Crouch End and Solicitor practices in Crouch End who provide Conveyancing services We would stress that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
I have today made my last payment due on my mortgage with Co-operative. I assume I don't need a Crouch End property lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Crouch End is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
I'm buying a new build house in Crouch End benefiting from help to buy. The builders refused to budge the amount so I negotiated 6k of extras instead. The house builders rep advised me not to tell my solicitor about the extras as it will put at risk my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Crouch End is where the house is located. Can you offer any assistance?
Flying freeholds in Crouch End are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Crouch End you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crouch End may determine 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.