My wife and I are hoping to buy a house in North London and are in fact using a North London conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Chelsea Building Society have this evening contacted us to inform me that there is now an issue as our North London conveyancer is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is standard 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 solicitor should contact your bank 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 lender’s conveyancing panel and you may continue to use your own North London solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
We are purchasing our first house. The conveyancer has messagedto ask if we would like to take out additional conveyancing searches. Frankly we in the dark as to what's necessary for conveyancing in North London
The extent of North London conveyancing searches should be dictated entirely on the premises, the location, the possibility of any of these risks, your familiarity of the locality and risks, your general appetite to risk. What matters is that you adequately understand what information the searches could give you. Then you can decide if you personally think you need that search. Should you be in doubt, ask the lawyer to offer guidance.
What is the difference between a licensed conveyancer and conveyancing solicitor in North London
Two types of professional can conduct conveyancing in North London namely licenced conveyancers or solicitors. The two can handle conveyancing services that required to complete the disposal or purchase of property. They are both obliged to carry out North London conveyancing on similar quality and guidelines so you can be sure that your conveyancing will be properly carried out and that all requirements and procedures should be correctly taken.
I currently have a mortgage with Yorkshire BS for my property in North London. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
You must advise Yorkshire BS prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel solicitor.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my North London building society branch on various occasions and was told they are content with the situation and they would lend. My North London conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the conveyancer is on the bank panel, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in North London differ for new build properties?
Most buyers of new build or newly converted property in North London contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in North London typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in North London or who has acted in the same development.
Hoping to buy a property located in North London and I am already nervous. I couldn't find anything specific about North London. Conveyancing will be needed in due course but do you know about the North London area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at North London. In the meantime here are some basic statistics that we found
My husband and I are first time buyers - agreed a price, yet the selling agent told us that the vendor will only go ahead if we instruct their preferred conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in North London
We suspect that the owner is not behind this requirement. Should the owner desire ‘a quick sale', turning down a motivated buyer is going to damage their objectives. Contact the owners directly and make the point that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)however you are going to appoint your own,trusted North London conveyancing firm - as opposed tothose that will earn their negotiator at the agency a commission or meet his conveyancing figures set by HQ.