Unfortunately I am unable to travel far from Beckenham. Please spell out why all Beckenham property lawyers aren't automatically on all mortgage company panels?
A decade ago most mortgage companies demonstrated an approach to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Accordingly, mortgage companies have since looked to extract more information from law firms about their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the mortgage companies required.
Our conveyancer has uncovered a defect with the lease for the apartment we are purchasing in Beckenham. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
I can see plenty of here concerning conveyancing in Beckenham but what is your top tip for finding the right conveyancer in Beckenham
It would be unwise to be seduced by the cheapest Beckenham conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. 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.
Is it the case that all Beckenham solicitor practices on the Santander conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Santander conveyancing panel they would need to be governed by the SRA. Some lenders do permit licenced conveyancers on their panel and in that case the practice would be governed by the Council of Licensed Conveyancers.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Beckenham conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland 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 Bank of Ireland mortgage from the register. Bank of Ireland, 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 Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I am buying a new build house in Beckenham with a mortgage from Aldermore. The developers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my solicitor about this side-deal as it would impact my mortgage with Aldermore. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a house in Beckenham prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks may refuse to issue a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Beckenham. Conveyancing will be smoother if you use a solicitor in Beckenham especially if they are acquainted with such properties in Beckenham.
Should I use a Beckenham conveyancing practitioner who is local to the property I am buying? We have a good friend who can deal with the legal formalities but his firm is located over three hundred miles away.
The benefit of a high street Beckenham conveyancing practice is that you can drop in to execute paperwork, present your ID and pester them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and on the whole were content that should trump using an unknown Beckenham conveyancing lawyer solely due to them being Beckenham based.