I am nearing exchange of contracts for my flat in North Kensington and the estate agent has just called to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. On what basis would a major mortgage company only work with specific lawyers rather the firm that they want to select for their conveyancing in North Kensington ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. 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 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. Your purchasers are not going to have any impact on this.
We are purchasing a newly constructed apartment in North Kensington and my solicitor is advising me that she has to the lender to reveal incentives from the builder. I am on a tight deadline to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank 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.
What is the first thing I need to know regarding purchase conveyancing in North Kensington?
You may not hear this from too many lawyers but conveyancing in North Kensington or throughout England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and other parties involved in the transaction. E.g., the seller, selling agent and sometimes your mortgage company. Choosing a law firm for your conveyancing in North Kensington is a critical decision as your conveyancer is your adviser, and is the ONE party in the transaction whose role it is to act in your legal interests and to protect you.
We are witnessing a definite creep in the "blame" culture- someone must be blamed for the process taking so long. We recommend that you your first instinct should be to trust your solicitor ahead of the other players in the home moving process.
I am close to exchanging contracts on the sale of our home in North Kensington and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed an internet conveyancing outfit rather than a conveyancing solicitor in North Kensington. Having lived in North Kensington for six years we know that this is a non issue. Is it a good idea to contact our local Authority to seek confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I am looking for a leasehold apartment up to £305k and identified one close by in North Kensington I like with amenity areas and railway links nearby, however it only has 49 years on the lease. There is not much else in North Kensington suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
I need to appoint a conveyancing solicitor for remortgage conveyancing in North Kensington. I have stumble upon a site which seems to have the perfect solution If there is a chance to get all formalities done via phone that would be preferable. 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?