I can't travel far from Hornsey. Is there a reason why all Hornsey lawyers are not on all lender panels?
Banks ordinarily impose restrictions on either the nature or volume of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that a practice needs to have at least two partners. As well as restricting the type of firm, some banks such as HSBC decided to reduce the size of their panel they permit to represent them. It is worth noting that lenders have no liability for the accuracy of conveyancing provided by any Hornsey property lawyer on their approved list. Property fraud was a key driver in the culling of conveyancing panels from 2008 notwithstanding that there are opposing opinions concerning the extent of solicitor involvement in some of that fraud. Statistics from HMLR exposes that thousands of conveyancing firms only carry out less than three conveyances annually. Those advocating conveyancing panel consolidation ask why conveyancing firms should have the right to be on a conveyancing panel when it is evident that property law is not their speciality?
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Hornsey bank branch on various occasions and was reassured it wasn't an issue and they will lend. My Hornsey conveyancing solicitor - who is on the lender conveyancing panel- called and was told they would not lend based on their published requirements. I simply don't know who is right.
Your solicitor must follow the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Hornsey solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Hornsey surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have finally had an offer on an apartment in Hornsey agreed to, but there is a chain. The sellers have placed an offer on on an apartment, however it’s not yet agreed to, and are looking at other flats booked. I have chosen a bricks and mortar conveyancing solicitor in Hornsey. What should be my next step? When do I get the mortgage application with Leeds Building Society started?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx one thousand pounds, then survey, Hornsey conveyancing search fees, etc). First, you must ensure that your conveyancer is on the Leeds Building Society conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a hot market many purchasers would apply for a home loan with Leeds Building Society and pay for the valuation and only if it comes back ok would they ask their solicitor to move forward with the conveyancing in Hornsey.
I have been told that property searches are the number one reason for hinderance in Hornsey house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Hornsey.
I decided to have a survey completed on a property in Hornsey ahead of retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies may not give a loan on such a premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hornsey. Conveyancing may be slightly more expensive based on your lender's requirements.
How do I use your search app to get a costs illustration from a conveyancing practitioner in Hornsey on the approved list for my lender?
1st select a lender such as Halifax, Bank of Scotland or Britannia then specify your preferred area a common one being Hornsey. Conveyancing organisations in Hornsey and beyond will then be identified.
We're novice buyers - agreed a price, but the estate agent informed us that the owners will only go ahead if we appoint the agent's preferred lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a local solicitor with experience of conveyancing in Hornsey
It is improbable the owners are behind this. If they want ‘a quick sale', alienating a motivated buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and make the point that (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your own,trusted Hornsey conveyancing solicitors - not the ones that will earn their estate agent a commission or achieve conveyancing figures pre-set by HQ.