Am I correct in assuming that the fact that my solicitor in St John's Wood is not on my bank's solicitor panel that there is a problem with the standard of his work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the St John's Wood conveyancing firm and enquire why they are no longer on the approved list for your lender.
I am acquiring a new build duplex in St John's Wood and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange and I would rather not prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
How can we tell if a St John's Wood conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in St John's Wood getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer conducting your transaction.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local St John's Wood building society branch on various occasions and was told they are content with the situation and they will lend. My St John's Wood conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend in accordance with their specific requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the lender approved list, they must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Kent Reliance have agreed my mortgage in principle, my bid on a flat in St John's Wood has been accepted, now what?
Your property agent will want to be advised as to your lawyer's details (make sure the lawyers are on the bank’s panel). Contact Kent Reliance or the financial adviser and finalise any appropriate documentation. Kent Reliance will appoint a valuer who will get in contact with the selling agent or seller to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in St John's Wood.
I own a renovated Edwardian house in St John's Wood. Conveyancing solicitor represented me and Yorkshire Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, another for leasehold under the matching address. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St John's Wood and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing solicitor who completed the work.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in St John's Wood I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in St John's Wood in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Am I best advised to choose a St John's Wood conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can carry out the legal work however they are based over three hundred miles drive away.
The benefit of a high street St John's Wood conveyancing firm is that you can pop in to execute paperwork, deliver your identification documents and pester them where appropriate. They will also have local intelligence which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and they were content that must trump using an unfamiliar St John's Wood conveyancing solicitor just because they are local.