I am in the process of selling my home in Kilburn and the EA has just telephoned to warn that the buyers are changing their law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Kilburn ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
The vendors of the house we are purchasing are using a conveyancing solicitor in Kilburn who has recommended a lock out agreement with a down payment of 5k. Is it wise to enter into such agreements?
There are a couple of primary drawbacks with entering into any lock out agreement (sometimes referred to as a no-shop agreement) is that it takes away the focus from progressing with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be unhelpful. It is not promoted amongst Kilburn conveyancing practitioners as a result. A further issue is the extent of the remedies available - a jilted purchaser should not expect to be granted an injunctive ruling by a court to prohibit the vendor completing the sale to a third party, so the only remedy available under the agreement will be the reimbursement of abortive costs and, in limited circumstances, the extra payment of damages.
My husband and I decided to purchase a newbuild apartment in Kilburn with a loan from TSB.We like our Kilburn conveyancing solicitor but TSB informed us her practice is not on their "panel". we are left little option but to use a TSB panel solicitor or retain our preferred solicitor and pay for a TSB panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, a common one being that conveyancers needs to be on the TSB conveyancing panel. in the past, most lenders had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for TSB
I purchased my flat on 16 February and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Kilburn advises it should be dealt with in a couple of weeks. Are transfers in Kilburn uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Kilburn registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on who lodges the application, whether there are errors and whether the Land registry need to notify any third parties. At present in the region of 80% of such applications are fully addressed within two weeks but some can be subject to longer delays. Registration occurs after the buyer is living at the premises so registration formalities is not typically top priority but where there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
I am looking into buying my first house which is in Kilburn and I am already nervous. I couldn't find anything specific about Kilburn. Conveyancing will be needed in due course but do you know about the Kilburn area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Kilburn. In the meantime here are some basic statistics that we found
I need to find a conveyancing solicitor for residential conveyancing in Kilburn. I have land on a web site which looks to be the ideal answer If there is a chance to get all formalities done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?