My wife and I are purchasing a 1 bedroom apartment in Buckhurst Hill with a mortgage. We like our Buckhurst Hill solicitor, but the mortgage company advise he's not on their "panel". It seems we have no choice but to appoint one of the lender panel conveyancing practices or keep our Buckhurst Hill lawyer as well as pay for one of their panel lawyers to act for them. This seems very unfair; can we not demand that the bank use our Buckhurst Hill conveyancer ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Buckhurst Hill conveyancing solicitor to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my solicitor is expelled from the Nationwide Conveyancing panel ahead of completing my conveyancing in Buckhurst Hill?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is it the case that all Buckhurst Hill solicitor practices on the Lloyds conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Lloyds approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Some banks do list licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
My wife and I are spending time viewing houses in Buckhurst Hill and I am now considering a potential offer. Should I already have a conveyancer appointed at this stage? I am planning to take a mortgage with Barclays.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are taking out a mortgage with Barclays, ask your prospective lawyers if they are on the Barclays conveyancing panel otherwise they can't do the mortgage legal work.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Buckhurst Hill property lawyer on the Principality panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Principality 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 Principality mortgage from the register. Principality, 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 Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Just bought a semi-detached house in Buckhurst Hill , how long will it take for the Land Registry to record the transfer to my name? My Buckhurst Hill conveyancing solicitor works at snail pace, so I want to check that my name is recorded.
There is nothing unique about conveyancing in Buckhurst Hill registration formalities. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether there are errors and if the Land registry must send notices to any 3rd parties. As of today approximately 80% of such applications are fully dealt with within 12 days but some can be subject to longer delays. Registration takes place after the purchaser is living at the premises thus an expedited registration is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor could contact the land registry and explain the circumstances.
Just had an offer accepted on a new build flat in Buckhurst Hill. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Buckhurst Hill
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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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. 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 architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.
My husband and I are FTB’s - agreed a price, yet the estate agent advised that the seller will only go ahead if we use the agent's preferred lawyers as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor used to conveyancing in Buckhurst Hill
We suspect that the seller is unaware of this requirement. Should the vendor desire ‘a quick sale', taking such a hostile approach to a serious purchaser is counter productive. Try to communicate with the sellers directly and make sure they understand (a)you are keen to buy (b)you are ready to progress, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you are going to use your preferred Buckhurst Hill conveyancing solicitors - rather thanthe ones that will give their negotiator at the agency a referral fee or hit his conveyancing figures set by senior management.