My husband and I are buying a 1 bedroom flat in Biggin Hill with a mortgage. We wish to retain our Biggin Hill conveyancer, but the mortgage company advise he's not on their "panel". It appears that we have little option but to appoint one of the bank panel firms or retain our Biggin Hill conveyancing practitioner and pay for one of their panel ones to act for them. We feel that this is inequitable; can we not require that the bank use our Biggin Hill conveyancer ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Biggin Hill conveyancing solicitor to apply to be on the conveyancing panel.
The owners have rather assertive sellers who has insisted on a preliminary contract with a non-refundable deposit two thousand pounds. Is it wise to enter into such agreements?
Lock out agreements are agreements binding a property owner and prospective acquirer giving the buyer the sole right to purchase the premises for a set period of time. For all intents and purposes, an exclusivity is a document specifying that you will be issued with a contract at a later date which is the contract for the actual sale. It tends to be used for buyer confidence though in many situations, the owner may stand to benefit from such agreements as well. There are numerous positives and negatives to having an agreement but you need to check with your conveyancer but note that it may end up costing you more in conveyancing fees. In light of this these contracts are rare in relation to conveyancing in Biggin Hill.
Is it the case that all Biggin Hill CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing panel?
Some major banks and building societies now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
Can I be sure that the Biggin Hill conveyancing solicitor on the Co-operative panel is any good?
When it comes to conveyancing in Biggin Hill seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor conducting your conveyancing.
I currently have a mortgage with Kent Reliance for my property in Biggin Hill. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?
Your original mortgage agreement with Kent Reliance will provide that you need their approval before renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. You need not do this via a Kent Reliance conveyancing panel solicitor.
How does the Landlord & Tenant Act 1954 affect my business offices in Biggin Hill and how can your lawyers assist?
The 1954 Act affords a safeguard to commercial lessees, giving them the right to make a request to court for a renewal tenancy and continue in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Biggin Hill
Should I instruct a Biggin Hill conveyancing practitioner based in the vicinity that I am purchasing? An old friend can deal with the legal formalities but they are based a couple of hundredmiles away.
The primary upside of using a local Biggin Hill conveyancing practice is that you can pop in to sign documents, present your identification documents and apply pressure on them where appropriate. Having local Biggin Hill know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and they were happy that must outweigh using an unfamiliar Biggin Hill conveyancing solicitor just because they are local.
Our solicitor in Biggin Hill has discovered a defect with the lease for the property we are buying in Biggin Hill. The other side have suggested title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.