My wife and I are planning to purchase a flat in Perivale and have appointed a Perivale 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. Coventry Building Society have this morning contacted us to advise us that they have now hit a problem as our Perivale lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent 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 mortgage company 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 Perivale lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Last May we completed a house move in Perivale. We have since encountered a number of problems with the house which we suspect were missed in the conveyancing searches. Is there anything we can do? What searches should? have been ordered for conveyancing in Perivale?
The question is not clear as what problems have arisen and if they are unique to conveyancing in Perivale. Conveyancing searches and due diligence initiated as part of the buying process are carried out to help avoid problems. As part of the process, the vendor completes a document known as a Seller’s Property Information Form. If the information is inaccurate, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Perivale.
I own a freehold premises in Perivale but still pay rent, why is this and what is this?
It is rare for properties in Perivale and has limited impact for conveyancing in Perivale but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
we are a couple who wish to acquire a 2 bedroom apartment in Perivale with a residential mortgage from Santander.We like our Perivale conveyancing lawyer but Santander says her practice is not on their approved list of firms. It seems we are left with no choice but to instruct a Santander panel lawyer or retain our high street solicitor and pay for a Santander panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan issued to you is subject to its various provisions, one of which will be that conveyancers will be on the Santander approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Santander
I'm buying my first flat in Perivale with a loan from Lloyds TSB Bank. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not inform my lawyer about the deal as it will put at risk my mortgage with the bank. 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.
We are planning to purchase a three room ground floor flatin Perivale with a loan from a bank. We would like to retain our solicitor in Perivale but our bank says he's not listed on their "panel". Apparently we need to choose one of the our bank panel solicitors or keep our Perivale conveyancer and incur the extra fees for one of their panel ones to represent our bank. We feel as though this is unjust; Can we not simply insist that our mortgage company use our Perivale lawyer?
Unfortunately,no. The lender home loan offered to you is subject to conditions, one of which will be that solicitors will on the bank's conveyancing panel. in the past, most banks had open panels, including many conveyancing solicitors in Perivale : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your bank.