My partner and I are planning to purchase a home in Stamford Hill and are in fact using a Stamford Hill conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to advise us that they have now hit a problem as our Stamford Hill solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stamford Hill lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My grandson is about to exchange on a new build apartment in Stamford Hill with a mortgage from Virgin Money. His solicitor has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the BSA intent on creating a search tool with a view to list solicitors on the Coventry BS conveyancing panel for example in Stamford Hill?
We have not been informed any intention on the part of the BSA to develop such a register.
I have recentlydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Stamford Hill for a purchase of a leasehold flat 12 months ago. How can I check that the property is registered correctly in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Stamford Hill conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Stamford Hill is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stamford Hill are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stamford Hill you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stamford Hill may ascertain 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 property.
How easy is it to use your search tool to get a quote from a conveyancing practitioner in Stamford Hill on the authorised to act for my mortgage?
1st choose a lender such as National Westminster Bank, Bank of Scotland or Godiva Mortgages Ltd then type in your location for instance Stamford Hill. Conveyancing organisations in Stamford Hill and across England and Wales will then be listed.