I am 4 weeks into the sale of my ground floor flat in Pentonville and the estate agent has just telephoned to say that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. On what basis would a leading lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Pentonville ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Pentonville? Why is this being asked of me?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lender will also require certain documents to be viewed. Should you are unwilling to provide identification documents, your lawyer will not be able to take you on as a client.
My wife and I are planning on selling our home in Pentonville and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any local lawyer would know that there is no such problem. For the life of me I don't know why the buyers instructed a nationwide conveyancing firm rather than a conveyancing solicitor in Pentonville. We have lived in Pentonville for three years we know of no issue. Is it a good idea to get in touch with our local Authority to get confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I have todaydiscovered that Stirling Law have been shut down. They conducted my conveyancing in Pentonville for a purchase of a leasehold apartment 18 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The quickest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Pentonville conveyancing specialists.
I am buying a new build house in Pentonville benefiting from help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not reveal to my conveyancer about the extras as it will jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
At last I have had an offer on an maisonette in Pentonville accepted, the owner does nevertheless have a tied purchase. The sellers have offered on a flat, but it’s not been accepted yet, and are looking at other apartments in the pipeline. I have instructed a local conveyancing lawyer in Pentonville. What do I do now? When should I get the mortgage application with Clydesdale going with Clydesdale?
It is standard to have anxieties where there is an associated chain given your reluctance to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Pentonville conveyancing search fees, etc). First, you must check that your conveyancing practitioner is on the Clydesdale conveyancing panel. Concerning the subsequent phase this very much dictated by the specifics of your case, desire for the property and on the state of the market. In a rising market many purchasers will apply for a home loan with Clydesdale and pay for the valuation and only if it was satisfactory would they request their conveyancer to press on with searches.