I can't travel far from North London. What is the rationale as to why all North London conveyancing practitioners are not on all lender panels?
Pre- 2008 most banks displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into property fraud which concluded: know the solicitors on your panel. As a result, mortgage companies have subsequently requiredmore information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum volume of transactions the mortgage companies required.
My husband and I are only a couple days away from an exchange on a house in North London and my mum and dad have sent the exchange deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancing practitioner is duty bound to check with the bank to make sure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Should conveyancers request money up-front when it comes to conveyancing in North London?
Where you are retaining lawyers for conveyancing in North London your solicitor will request that you place them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the purchase price then this should be asked for shortly in advance of exchange of contracts. The final balance that is needed should be transferred a few days ahead of the completion date.
What is the best way to check that the solicitor handling my conveyancing in North London is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for HSBC Bank thus spending £187.00 plus VAT in another set of legal charges.
You should take advantage of the find a conveyancing panel solicitor tool on this site. Please choose the mortgage company and type ‘North London’ or your preferred area and you will be presented with numerous conveyancers offices in North London or nearest you.
Having had my offer accepted I require leasehold conveyancing in North London. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in North London - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am the leaseholder of a second floor flat in North London. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Where there is a missing landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the amount due.
An example of a Freehold Enfranchisement matter before the tribunal for a North London property is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired residue of the current lease was 73.26 years.
How much experience do your North London conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
North London conveyancing lawyers help thousands of people move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique North London conveyancers have worked on recent similar cases.