My partner and I are planning to purchase a property in Parsons Green and are in fact using a Parsons Green conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Mortgage Works have this evening contacted us to inform me that there is now an issue as our Parsons Green lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also act for the mortgage company. 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 Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Parsons Green lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Our son is about to exchange on a newly built flat in Parsons Green with a home loan from Nationwide. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Parsons Green?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Parsons Green. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Just had an offer accepted on a new build flat in Parsons Green. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Parsons Green
Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I decided to have a survey carried out on a house in Parsons Green in advance of appointing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some lenders will refuse to give a loan on such a house.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Parsons Green. Conveyancing will be smoother if you use a solicitor in Parsons Green especially if they regularly deal with such properties in Parsons Green.
My wife and I have recently appointed a conveyancing solicitor in Parsons Green. I need to find out if they are listed on the lender's conveyancing panel. Could you assist?
It’s a good idea call the conveyancer to enquire if they are on the lender's panel. If that does not help get in touch with us and we can make some checks for you. Should the firm not be on the bank panel we can certainly arrange a specialist conveyancing solicitor in Parsons Green on the panel for your mortgage company.