I am progressing with the sale of my maisonette in Queen's Park and the estate agent has just telephoned to advise that the buyers are appointing a new property lawyer. The reason given is that the bank will only engage with solicitors on their approved list. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Queen's Park ?
Banks have always had panels of law firms that can act for them, but in recent 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 decades.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
My fiance and I are buying a 2 bedroom apartment in Queen's Park with a homeloan from National Westminster Bank.We have a Queen's Park conveyancing solicitor but National Westminster Bank advised that his firm is not on their "panel". It seems we are left with little choice but to instruct a National Westminster Bank panel solicitor or retain our high street solicitor and fork out for a National Westminster Bank panel lawyer to represent them. We feel as though this is unjust; Can we not simply insist that National Westminster Bank use our lawyer?
Unfortunately,no. The loan issued to you is subject to its various provisions, a common one being that solicitors needs to be on the National Westminster Bank approved list. in the past, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 National Westminster Bank
I am purchasing a property and the solicitor has identified Chancel Repair to which the house may be obligated to pay because it falls into the area of such a church. He has recommended insurance. Is this really warranted for conveyancing in Queen's Park
Unless a prior purchase of the premises completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Queen's Park to remain encouraging a chancel search and or chancel repair liability insurance.
Are there restrictive covenants that are commonly identified as part of conveyancing in Queen's Park?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Queen's Park. 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…’
I am purchasing a new build house in Queen's Park with a mortgage from Barclays . The builders would not budge the price so I negotiated 6k of additionals instead. The house builders rep told me not to tell my conveyancer about this deal as it may impact my mortgage with the bank. Is this normal?.
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.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Queen's Park is the location of the property. Can you shed any light on this issue?
Flying freeholds in Queen's Park are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Queen's Park you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Queen's Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.