Unfortunately I am unable to travel far from Penge. What is the rationale as to why all Penge solicitors aren't included on all mortgage company panels?
Banks highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which kicked off a major policy change in the sector. It led to lenders purging a number of firms from their books of approved lawyers .
Can you clarify what the consequences are if my solicitor is suspended from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Penge?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am the only recipient of my late grandmother’s will with all property in now in my sole name, including the house in Penge. Conveyancing formalities meant that the Land Registry date was in May. I want to move. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship may be regarded the same way as though I had purchased the house in May. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this requirement is principally there to identify the purchase and immediately sell or the quick reselling of properties.
My husband and I are spending time viewing houses in Penge and I am now considering a potential offer. Should I already have a conveyancing practitioner appointed at this stage? I am planning to take a mortgage with Santander.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. Given that you are obtaining a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
It is unclear whether my lender requires a lease extension. I have called my Penge building society branch on numerous occasions and was informed it wasn't an issue and they will lend. My Penge conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. Who do I believe?
The conveyancing practitioner has to follow the CML Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Penge?
Unless a previous purchase of the premises completed after 12 October 2013 you may expect solicitors conducting conveyancing in Penge to continue to propose a a chancel search and or insurance against a claim.
Just had an offer accepted on a new build flat in Penge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Penge
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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. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
How do I use your search tool to select a conveyancing solicitor in Penge on the panel for my bank?
Step one is to pick a mortgage company such as Nationwide Building Society, Virgin Money or Platform Home Loans Ltd then choose your location e.g. Penge. Conveyancing practices in Penge and across England and Wales will then be listed.