I am progressing with the sale of my apartment in Kingston Vale and the EA has just e-mailed to say that the purchasers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Kingston Vale ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks 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 reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
My husband and I are purchasing a newly constructed flat in Kingston Vale and my conveyancer is advising me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I purchased my property in Kingston Vale. Conveyancing lawyers have just been appointed on the sale but I am unable to find the deeds. Will this jeopardise the sale?
You need not be too concerned. First the deeds may be with your mortgage company or they could still be with the lawyers who oversaw the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Kingston Vale involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
I have been told by my conveyancer that defective lease insurance is required on my purchase. What is the level of cover for Kingston Vale conveyancing?
The right level of defective lease indemnity insurance should be dictated by who who your lender is. It would differ for example between Nationwide Building Society and Coventry Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.
Is it the case that all Kingston Vale solicitor firms on the HSBC conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel and in that case the firms would be regulated by the CLC.
I am currently in the process of buying my council flat in Kingston Vale. I have a mortgage agreed with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Kingston Vale I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Kingston Vale in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
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At this site get a fixed fee quote via a Solicitor or Licensed Conveyancer that understands the nuances for your conveyancing in Kingston Vale. As opposed to estate agents and many comparison sites we do not operate referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm paying the highest commission, not the best value conveyancing in Kingston Vale