Is the fact that my solicitor in Nunhead is not on my lender's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Nunhead conveyancing firm and ask them why they are no longer on the approved list for your lender.
My Nunhead conveyancer has uncovered a discrepancy between the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My lawyer informs me that he must check that the bank is OK with this discrepancy and is still content to lend. Is my solicitor’s approach appropriate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Nunhead? What am I being asked for?
To satisfy the Money Laundering Regulations any Nunhead conveyancing firm will require evidence of your identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to validate not only the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to notify the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
We're in Nunhead, First time buyers purchasing with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Is it the case that all Nunhead conveyancing solicitors on the Co-operative conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Co-operative approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of banks do list licenced conveyancers on their panel in which case such firms would be regulated by the CLC.
I have paid off my mortgage with Coventry BS. I assume I don't need a Nunhead property lawyer on the Coventry BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
After shopping around on the internet I have found a Nunhead solicitor having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Nunhead surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Nunhead. Conveyancing lawyers have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Nunhead ?
Most houses in Nunhead are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Nunhead in which case you should be shopping around for a Nunhead conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will appraise you on the various issues.
I have had difficulty in trying to purchase the freehold in Nunhead. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a Nunhead conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Nunhead residence is 41 Endwell Road in March 2013. this matter relateed to the acquisition of the freehold of a mid- terraced Victorian house converted into three separate self-contained dwellings. By an order dated 28/11/2012, Deputy District Judge Cole in the Bromley County Court held that the leaseholders were entitled to acquire the freehold and directed that the premium payable be determined by this Tribunal. The Tribunal assessed the premium to be £14,753 This case affected 3 flats. The remaining number of years on the lease was 80.01 years.