My partner and I are planning to purchase a flat in Finsbury Park and are in fact using a Finsbury Park conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays have this evening contacted us to advise us that they have now hit a problem as our Finsbury Park solicitor is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. 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 Finsbury Park lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
All was ready to move into my new home in Finsbury Park next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not unique to conveyancing in Finsbury Park.
It is a dozen years since I bought my house in Finsbury Park. Conveyancing lawyers have just been retained on the sale but I am unable to track down my title deeds. Will this jeopardise the sale?
You need not be too concerned. First there is a chance that the deeds will be retained by your lender or they could be in the possession of the conveyancers who acted in your purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers procuring current official copies of the land registers. Nearly all conveyancing in Finsbury Park involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is resolvable.
Should my conveyancer be raising enquiries regarding flooding as part of the conveyancing in Finsbury Park.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in Finsbury Park. Plenty of people will purchase a house in Finsbury Park, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which can figure out the risks in Finsbury Park. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to find out whether the property has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a buyer could bring a claim for damages stemming from an inaccurate response. A purchaser’s conveyancers should also commission an environmental report. This should reveal if there is a recorded flood risk. If so, more detailed investigations should be initiated.
Due to the advice of my in-laws I had a survey completed on a property in Finsbury Park ahead of retaining lawyers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some lenders may refuse to grant a mortgage on this type of house.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Finsbury Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking for a conveyancing lawyer in Finsbury Park for my remortgage. Is it possible to check a firm’s record with the profession’s regulator?
Anyone can search for published Solicitor Regulator Association (SRA) determinations resulting from inquisitions started on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator could recorded call for training purposes.