We wanted to use a conveyancing solicitor in West Hampstead for our home move. Our financial adviser has since advised us that our mortgage company Virgin Money won't deal with them. Surely this is unfair competition?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all West Hampstead conveyancing firms would have been on most lender panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and their employees and establishing certain criteria such a completing on a minimum number of conveyancing. Many West Hampstead conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. West Hampstead is one of the thousands of areas where the solicitors we recommend are are authorised to act for Virgin Money.
There is lots of here about conveyancing in West Hampstead but can you isolate your top tip for selecting the right conveyancer in West Hampstead
Do not opt for the cheapest West Hampstead conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I have paid off my mortgage with Principality. I assume I don't need a West Hampstead conveyancer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
I have decided to exercise my right to buy my property in West Hampstead off the council. I have a mortgage agreed with HSBC. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
Will our lawyer be making enquiries regarding flooding during the conveyancing in West Hampstead.
Flooding is a growing risk for solicitors specialising in conveyancing in West Hampstead. There are those who acquire a property in West Hampstead, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a various searches that may be carried out by the buyer or by their lawyers which will give them a better appreciation of the risks in West Hampstead. The conventional set of completed inquiry forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the seller to determine if the property has historically flooded. If flooding has previously occurred which is not revealed by the seller, then a purchaser may bring a compensation claim resulting from an incorrect answer. A purchaser’s conveyancers will also conduct an enviro search. This will higlight whether there is a recorded flood risk. If so, additional inquiries should be carried out.
Are there restrictive covenants that are commonly picked up as part of conveyancing in West Hampstead?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in West Hampstead. 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…’
How does conveyancing in West Hampstead differ for new build properties?
Most buyers of new build property in West Hampstead come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in West Hampstead tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in West Hampstead or who has acted in the same development.
In my capacity as executor for the estate of my father I am disposing of a residence in Cardiff but live in West Hampstead. My lawyer (approximately 250 kilometers from meneeds me to execute a stat dec prior to the transaction finalising. Can you recommend a conveyancing solicitor in West Hampstead who can attest this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are West Hampstead based