My husband and I are planning to purchase a property in Haringey and have appointed a Haringey conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Halifax have this evening contacted us to inform me that there is now an issue as our Haringey lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Haringey lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
It is is a decade since I bought my home in Haringey. Conveyancing solicitors have just been appointed on the sale but I can't locate the title deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be kept by the lender or they could stored with the solicitor who handled your purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Haringey involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
Do the Building Society Association intend to launch a search tool with a view to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for example in Haringey?
We have not been informed any intention on the part of the BSA to promote such a search facility.
Should commercial conveyancing searches reveal impending roadworks that could affect a commercial site in Haringey?
Its becoming the norm that commercial conveyancing solicitors in Haringey will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Haringey. The search result provides definitive data 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 Haringey.
For each commercial conveyancing transaction in Haringey it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Haringey commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Haringey.
three months have elapsed since my purchase conveyancing in Haringey completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Haringey with a mortgage from Accord Mortgages Ltd. The sellers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not disclose to my lawyer about this deal as it will affect my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.