Am I correct in assuming that the fact that my solicitor in Bow is not on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (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. Where you are concerned you should contact the Bow conveyancing practice and enquire why they are no longer on the approved list for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Bow? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you are required to sign should reaffirm this. Your lender will also require certain documents to be viewed. Where you are unwilling to hand over ID verification documents, your solicitor would not be able to accept instructions from you.
Is it necessary to pay for insurance to cover chancel repairs when buying a property in Bow?
Unless a previous acquisition of the property completed post 12 October 2013 you could expect lawyers carrying out conveyancing in Bow to remain encouraging a chancel search and or chancel repair liability insurance.
Just had an offer accepted on a new build apartment in Bow. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Bow
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Please confirm the Lease plans are surveyor prepared. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Due to the encouragement of my in-laws I had a survey completed on a house in Bow ahead of retaining conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some lenders will not give a loan on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bow. Conveyancing may be slightly more expensive based on your lender's requirements.
We're FTB’s - agreed a price, but the selling agent told us that the owners will only proceed if we instruct the agent's recommended lawyers as they need an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Bow
It is highly unlikely the owners are driving this. Should the seller desire ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Contact the vendors directly and make the point that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Bow conveyancing lawyers - rather thanthose that will earn their estate agent a referral fee or meet his conveyancing thresholds demanded by head office.