I can't travel far from Shoreditch. Can you please explain the reason why all Shoreditch property lawyers aren't included on all lender panels?
Banks tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. A common example of such criteria being that a practice is required to have two or more partners. In addition to restricting the structure of firm, some building societies decided to restrict the size of their panel they use to represent them. You should note that mortgage companies have no responsibility for the accuracy of advice supplied by any Shoreditch conveyancer on their approved list. Property fraud was the key driver in the rationalisation of solicitor panels from 2008 even though there are differing thoughts concerning whether solicitors sat at the center of that fraud. Data from HMLR reveal that thousands of law practices only transact one or two conveyances annually. Those vindicating conveyancing panel cuts question why conveyancing firms should have claim to be on a bank panel when clearly property law is not their speciality?
The Shoreditch conveyancing firm that I recently instructed on my purchase in Shoreditch have without warning closed. I only went with them because I needed a solicitor on the Leeds Building Society conveyancing panel and my preferred Shoreditch lawyer was not. I gave my credit card details for them to take £195 for searches. What do I do now?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Shoreditch?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Shoreditch. 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…’
About to purchase a new build flat in Shoreditch. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Shoreditch
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Please supply a car parking plan. 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 unsold units in good repair until long leases are granted therefore. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I opted to have a survey completed on a property in Shoreditch in advance of retaining conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some lenders may not give a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shoreditch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Shoreditch to see if the conveyancing costs will increase in light of this.
My 20yr old son is embarking on her first house purchase, the home loan was agreed last week in principle. When the seller agreed the offer on the house we contacted the mortgage company to issue the formal offer. We were very surprised to hear that mortgage lenders do not accept all solicitor, they need to be on their approved list, is this correct?
Lenders tend to imposes restrictions either the type or the number of conveyancing practices on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Shoreditch property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.