I am not well enough to travel far from Hackney. Is there a reason why all Hackney lawyers aren't included on all lender panels?
Pre- 2008 most lenders exhibited an attitude to risk which is different than today. The Financial Services Authority in 2010 conducted a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Accordingly, banks have since soughtmore information from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the mortgage companies required.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a Hackney based conveyancing firm?
Do check but the chances are that appoint one of their panel conveyancers where you take up the "fee-free" offer. Contact the bank to check if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Hackney.
My bid for a property was accepted at auction in Hackney. Conveyancing is needed. What are my next steps?
Given that you have now legally committed yourself to purchase you now have to retain a conveyancing practitioner quickly as you now have a tight a drop dead date to complete the property. An auction property will have a bespoke legal set of papers. This will include evidence of title and search results. In the case of leasehold property the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that you have funds in order to complete the transaction on the set completion date.
My solicitor has informed me that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Hackney?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Leeds Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
I was told four weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Hackney is approved on their conveyancing panel? Aldermore 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 Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will commercial conveyancing searches disclose impending roadworks that may affect a commercial premises in Hackney?
Its becoming the norm that commercial conveyancing solicitors in Hackney will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Hackney. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hackney.
For every commercial conveyancing transaction in Hackney it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may result in delays to Hackney commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Hackney.
Are there restrictive covenants that are commonly identified during conveyancing in Hackney?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hackney. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the guidance of my in-laws I had a survey completed on a house in Hackney ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor advised that some lenders will refuse to give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hackney. Conveyancing will be smoother if you use a solicitor in Hackney especially if they regularly deal with such properties in Hackney.