I am nearing exchange of contracts for my maisonette in Barbican and the EA has just text me to say that the buyers are swapping solicitor. The excuse is that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Barbican ?
Lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
Our Barbican lawyer has discovered a discrepancy between the information in the valuation survey and what is in the title deeds. My lawyer informs me that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance appropriate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
We note that you have a post code search directory identifying law firms on the Principality conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Barbican?
We are a listing service only for law firms wishing to communicate if they are on the Principality conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Barbican.
I need some quick conveyancing in Barbican as I am faced with an ultimatum to sign on the dotted line inside 2 weeks. Luckily I do not need a mortgage. Can I escape the need for conveyancing searches to save fees and time?
As you are not obtaining a mortgage you have the choice not to have searches conducted although no solicitor would suggest that you don't. Drawing on our experience of conveyancing in Barbican the following are instances of what can be revealed and therefore affect market value: Enforcement Actions, Overdue Fees, Outstanding Grants, Road Schemes,...
My wife and I own a semi-detached Georgian house in Barbican. Conveyancing lawyer acted for me and Bank of Scotland. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should assess 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 Barbican and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with the conveyancing practitioner who conducted the work.
Just had an offer accepted on a new build apartment in Barbican. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Barbican
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.