My husband and I are hoping to acquire a house in Southgate and are in fact using a Southgate conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Virgin Money have this afternoon contacted us to advise us that there is now an issue as our Southgate solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal 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 solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Southgate solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Are the Southgate conveyancing solicitors identified as being on the Yorkshire BS conveyancing panel, together with their details provided by Yorkshire BS?
Southgate conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
What is the best way to check that the solicitor conducting my conveyancing in Southgate is on the mortgage lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Nationwide Building Society thus spending £192.00 in another set of conveyancing charges.
Please do take advantage of the search tool on this site. Please choose the lender and type ‘Southgate’ or your location and you will discover numerous conveyancers based in Southgate or near you.
I am purchasing a property in Southgate. One unusual aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is TSB your lawyer must follow the formal requirements contained in Part 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to TSB where a lease does not meet these provisions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Southgate.
I have paid off my mortgage with HSBC. I assume I don't need a Southgate conveyancing practitioner on the HSBC panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
TSB have agreed my mortgage in principle, my offer on a property in Southgate has been accepted, what happens next?
Your property agent will wish to know who your solicitors are (make sure the lawyers are on the bank’s approved list). Contact TSB or the broker and complete any outstanding paperwork. TSB will sellect a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. TSB will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Southgate.
Should commercial conveyancing searches disclose impending roadworks that may impact a commercial premises in Southgate?
Its becoming the norm that commercial conveyancing solicitors in Southgate will perform a SiteSolutions Highways report as it reduces the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Southgate. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Southgate.
For every commercial conveyancing transaction in Southgate it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could result in delays to Southgate commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Southgate.
Having had my offer accepted I require leasehold conveyancing in Southgate. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Southgate - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have given up trying to purchase the freehold in Southgate. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We can put you in touch with a Southgate conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Southgate flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The remaining number of years on the lease was 70.31 years.