Is the fact that my solicitor in Albany Park is not identified on my lender's solicitor panel that there is a problem with the quality of the firm’s work?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed that over three quarters 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 Albany Park conveyancing firm and ask them why they are no longer on the approved list for your bank.
My wife and I are refinancing our maisonette in Albany Park with Co-operative. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is repossessed. I have two concerns (1) Is this document specific to the Co-operative conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Co-operative. This is solely used to protect Co-operative if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Co-operative had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Albany Park?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We previously instructed solicitors based in Albany Park on the Principality solicitor approved list. They are now charging me a separate fee for handling the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. This charge is not set by Principality but by your Albany Park lawyer. Numerous firms on the Principality panel will quote an ‘acting for lender’ fee but many practices include it on their overall fee.
It is not clear whether my lender requires a lease extension. I have telephoned my Albany Park bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Albany Park conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The conveyancer has to follow the CML Handbook section two requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a maisonette in Albany Park. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Albany Park solicitor is on the TSB conveyancing panel.
Should commercial conveyancing searches reveal proposed roadworks that may impact a commercial property in Albany Park?
Its becoming the norm that commercial conveyancing solicitors in Albany Park will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Albany Park. The report provides definitive data 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 Albany Park.
For every commercial conveyancing transaction in Albany Park it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Albany Park commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Albany Park.
How does conveyancing in Albany Park differ for newly converted properties?
Most buyers of new build or newly converted property in Albany Park approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Albany Park usually 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 conveyancers 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 Albany Park or who has acted in the same development.