I am selling my ground floor flat in Bow Street and the EA has just e-mailed to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Bow Street ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 not going to have any impact on this.
I sincerely hope you can help me. My Bow Street lawyer is informing me me that he has toorder Bow Street conveyancing searches becausethe firm are on the HSBCapproved lawyer panel. Do I not have any options here?
You have limited options available to you. Given that you are taking out a loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Bow Street conveyancing searches.
I happen to be the only recipient of my late grandmother’s will and I have everything in my name now, including the my former home in Bow Street. The Bow Street property was put into my name in September. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership may be treated the same way as though I had purchased the house in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. many lenders would take a pragmatic view as this obligation is principally there to capture the purchase and immediately sell or the flipping of properties.
I am purchasing a property in Bow Street. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
Given that you are obtaining a mortgage with Leeds Building Society your lawyer must check the conveyancing instructions set out in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not comply with these provisions. The requirements relate to the installation of panels on properties nationwide and is not limited to Bow Street.
I have decided to exercise my right to buy my property in Bow Street off the council. I have a mortgage offer with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Are there restrictive covenants that are commonly identified during conveyancing in Bow Street?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bow Street. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does the Landlord & Tenant Act 1954 affect my business property in Bow Street and how can your lawyers assist?
The 1954 Act gives security of tenure to business lessees, giving them the dueness to apply to court for a new tenancy and remain in occupation when the lease reaches an end. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Bow Street
As co-executor for the will of my grandmother I am disposing of a house in Cardiff but I am based in Bow Street. My lawyer (who is 235 kilometers awayrequires that I execute a statutory declaration before the transaction finalising. Can you recommend a conveyancing lawyer in Bow Street who can attest this legal document for me?
strictly speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are Bow Street based