My husband and I are hoping to buy a property in Bush Hill Park and are in fact using a Bush Hill Park conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Coventry Building Society have this afternoon contacted us to inform me that there is now an issue as our Bush Hill Park solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property needing a mortgage it is standard for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Bush Hill Park solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have been told that property searches are the number one reason for hinderance in Bush Hill Park conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of slowing down conveyancing in Bush Hill Park.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Bush Hill Park. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Bush Hill Park
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There must be mutual enforceability of lessee’s covenants. 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. 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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Due to the encouragement of my in-laws I had a survey completed on a property in Bush Hill Park ahead of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some banks tend not give a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bush Hill Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I'm remortgaging my existing home to a BTL mortgage with Lloyds TSB Bank and I will use the ballance of the raised equity towards further property. The neighborhood we are looking at is Bush Hill Park. Will your conveyancers be able to act for both sets of lenders and link together the two deals?
Do use our search tool on this site to check that the conveyancers are on the appropriate lender panels. Assuming that they are the conveyancer should be able to tie up the two deals but you should have a chat with you conveyancer and make clear your expectations and needs.
In my capacity as executor for the will of my uncle I am disposing of a residence in Newport but live in Bush Hill Park. My lawyer (approximately 250 kilometers awayhas requested that I sign a stat dec before completion. Could you suggest a conveyancing practitioner in Bush Hill Park who can witness and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Bush Hill Park based