I am purchasing a flat in Bowes Park. My property lawyer has never been on on the bank conveyancing panel. Can I still continue with my Bowes Park conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
Your options include
- Proceed with your chosen Bowes Park property lawyer but your mortgage company will no doubt instruct a property lawyer on their conveyancing panel. The net result is additional fees and potential interruption.
- Choose a new lawyer to conduct the conveyancing, ensuring that they are on the lender conveyancing panel.
- Convince your solicitor to pull out all the stops to get listed on the mortgage company panel of solicitors
My partner and I are nearing an exchange on a house in Bowes Park and my mum and dad have sent the exchange deposit to my property lawyer. I am now advised that as the deposit has not arrived from me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is legally required to clarify with mortgage company to make sure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
We wanted to use a property lawyer in Bowes Park for our house purchase. Our broker has since notified us that our bank Halifax won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most banks had an appetite for risk which was higher than today. Almost all Bowes Park conveyancing firms would have been on many bank panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms relating to their operations and their employees as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Bowes Park conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Bowes Park is one of the thousands of areas where the conveyancers we recommend are are authorised to act for Halifax.
I am buying a new build flat in Bowes Park. Conveyancing is daunting 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 conveyancing.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Bowes Park
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There must be mutual enforceability of lessee’s covenants. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan.
I have been recommended by a number of property agents in Bowes Park to choose a property lawyer on your site. Is there a financial inducement for Estate Agents to recommend your lawyers over another?
We don’t make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
How easy is it to change a solicitor as I need to find a Bowes Park based conveyancer who is on the lender conveyancing panel. Is it practical to instruct different lawyers?
If you haven't yet instructed a conveyancer to commence the conveyancing and have just received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Bowes Park that you're considering.