I can't travel far from Seven Sisters. Is there a reason why all Seven Sisters property lawyers aren't automatically on all lender panels?
Pre- 2008 most mortgage companies displayed an attitude to risk which differs from the current day. The FSA in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. Consequently, mortgage companies have since looked to extract more information from law firms concerning their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of amount of transactions the mortgage companies insisted on.
We are a couple about to sign contracts for a freehold house in Seven Sisters. We have hit a problem. Our loan offer with Lloyds TSB Bank runs out on 3/4/2023 but the vendors are suggesting a completion date of 5/4/2023. Is it possible to extend the loan expiry date?
The best person to deal with your concern is your lawyer who will hopefully assess whether he or she is better off negotiating with the mortgage company, owner’s solicitors, property agents or indeed all three taking into account the circumstances your transaction to date.
Why do I have to pay up front when it comes to conveyancing in Seven Sisters?
Where you are retaining lawyers for conveyancing in Seven Sisters your solicitor will ask you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the purchase price then this should be required immediately ahead of exchange of contracts. The closing balance that is due should be transferred a few days ahead of the completion date.
When it comes to mortgage companies such as Nationwide, do Seven Sisters lawyers incur a fee to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Seven Sisters off the council. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
My sealed bid on a house in Seven Sisters has been agreed to, but there is a chain. The sellers have offered on a flat, however it’s not yet tied up, and are looking at other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Seven Sisters. What should be my next step? At what point do I apply for the mortgage with UBS?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of £1k, then valuation, Seven Sisters conveyancing search fees, etc). The first thing to do is ensure that your solicitor is on the UBS approved list. Regarding the subsequent stages this very much depends on the specifics of your case, desire for the property and on the state of the market. In a hot market some home buyers would apply for a home loan with UBS and pay for the valuation and only if it was satisfactory would they pay their lawyer to move forward with the conveyancing in Seven Sisters.
I have been told that property searches are the primary reason for hinderance in Seven Sisters conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Seven Sisters.
We are in the process of selling our flat in Seven Sisters. Conveyancing is fine but we are being charged an extortionate amount by the landlord. So far we have issued a cheque for £225 for a leasehold management pack and then a further £118 for supplemental questions raised by the buyers lawyer.
You will not have any say over the extent of the fee for this information but the average fee for the information for Seven Sisters leasehold premises is £380. When it comes to Seven Sisters conveyancing sales it is standard for the vendor to pay for these charges. The landlord or their agents are not duty bound to address such questions although many will be content to do so - albeit often at high prices out of proportion to the work involved. Unfortunately there is no law that requires set charges for administrative tasks. There is no set time limit by which they are duty bound to issue the information.