My partner and I are hoping to acquire a property in Knightsbridge and are in fact using a Knightsbridge conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Godiva Mortgages Ltd have this afternoon contacted us to advise us that there is now an issue as our Knightsbridge lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors 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 Accreditation Scheme. Your property lawyer 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Knightsbridge lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
IfI were to buy a simple residential homein Knightsbridge mortgage fee and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Knightsbridge?
Any savings you would achieve would be isolated to the Knightsbridge conveyancing searches. The solicitor is required to do the vast majority of work - money laundering, correspond with the sellers solicitor, SDLT return, register the property etc. A marginal saving might be made by not having to register a charge however it will not be a lot.
I am buying a detached bungalow in Knightsbridge. We would like to carry out an extension to the side at the property.Will the conveyancing process involve checks to see if these alterations are allowed?
Your property lawyer should check the registered title as conveyancing in Knightsbridge will occasionally identify restrictions in the title documents which prohibit categories of works or need the consent of another owner. Some additions need local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be wise to check these things with a surveyor ahead of any purchase.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Knightsbridge building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Knightsbridge conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their specific requirements. I have no idea who is right.
As long as the solicitor is on the mortgage company approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 remaining.
Santander have agreed my mortgage in principle, my bid on a house in Knightsbridge has been agreed to, now what?
The estate agent will want to know who your solicitors are (be sure the solicitors are on the lender’s approved list). Telephone Santander or your broker and finalise any outstanding forms. Santander will appoint a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days to get a mortgage offer. Santander will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Knightsbridge.
Me and my brother own a 4 bedroom Edwardian property in Knightsbridge. Conveyancing solicitor acted for me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the exact same property. Is it worth asking Clydesdale to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Knightsbridge and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing lawyer who conducted the conveyancing.
My brother has encouraged me to appoint his conveyancing solicitors in Knightsbridge. Should I find my own solicitor?
Much as we are happy to recommend a Knightsbridge conveyancing lawyer the ideal way to find a conveyancing lawyer is to get guidance from friends or relatives who have experience in using the solicitor that you are considering.
At last I have had an offer on an flat in Knightsbridge accepted, but there is a chain. The owners have offered on on an apartment, however it’s not yet tied up, and has viewings of other properties booked. I have instructed a nearby conveyancing solicitor in Knightsbridge. What do I do now? At what point do I apply for the mortgage with Clydesdale?
It is understandable to have concerns where there is an associated chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Knightsbridge conveyancing search costs, etc). First, you should ensure that your lawyer is on the Clydesdale approved list. As to the subsequent stages this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. In a hot market many buyers will apply for a home loan with Clydesdale and pay for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with searches.