I am 4 weeks into the sale of my flat in Kensington and the estate agent has just e-mailed to warn that the buyers are appointing a new law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Kensington ?
Lenders have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any impact on this.
My Conveyancer in Kensington is not listed on the Bank of Scotland Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Bank of Scotland panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Kensington solicitors but Bank of Scotland will need to instruct a lawyer on their panel. This will inevitably rack up the total legal fees and cause delays.
- Get a new lawyer to act in the conveyancing, not forgetting to check they are Bank of Scotland approved.
- Try to convince your Bank of Scotland based solicitor to attempt to join the Bank of Scotland panel
Will our lawyer be raising enquiries regarding flooding as part of the conveyancing in Kensington.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Kensington. There are those who acquire a house in Kensington, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Kensington. The standard information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to determine if the premises has historically flooded. In the event that the residence has been flooded in past which is not revealed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an misleading response. The purchaser’s lawyers may also carry out an enviro report. This should reveal if there is a recorded flood risk. If so, more detailed investigations will need to be made.
I have todaybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Kensington for a purchase of a leasehold apartment 18 months ago. How can I check that my home is in my name in the name of the former proprietor?
The easiest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kensington conveyancing specialists.
Just had an offer accepted on a new build flat in Kensington. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Kensington
-
Please supply a car parking plan. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My husband and I have AIP from TSB who indicated we could borrow up to £400k. When do we need to instruct a lawyer for conveyancing? Kensington is where we are buying.
You can appoint a conveyancing practitioner now requesting that they generate a file on your behalf. This will enable: 1) the selling agent to issue a Sales Memorandum to the relevant parties 2) the seller’s property lawyer to send out the draft paperwork. However, do not instruct your solicitor to order searches until you receive your valuation report from TSB and you are happy to proceed.