I am hoping to receive a offer of a home loan from Nat West. My intention is to retain the legal services of a Licensed Conveyancer in Camden Town. Does the Nat West Conveyancing panel include Licensed Conveyancers?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Camden Town with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am expecting a AIP from Barclays this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Camden Town solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Camden Town solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
It is unclear whether my lender requires a lease extension. I have telephoned my Camden Town bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My Camden Town conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The conveyancing practitioner has to comply with the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I am selling my flat. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Nationwide are being a right pain. The Camden Town solicitor who is on the Nationwide conveyancing panel is saying indemnity insurance will be fine but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our conveyancer be asking questions regarding flooding during the conveyancing in Camden Town.
Flooding is a growing risk for conveyancers carrying out conveyancing in Camden Town. Plenty of people will buy a house in Camden Town, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, but there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Camden Town. The conventional set of information sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to discover whether the premises has suffered from flooding. If flooding has previously occurred and is not notified by the owner, then a buyer could commence a claim for damages as a result of such an incorrect response. A buyer’s lawyers may also commission an enviro search. This will higlight if there is any known flood risk. If so, additional investigations will need to be conducted.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Camden Town I like with amenity areas and station in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Camden Town in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My father has encouraged me to use his lawyers for conveyancing in Camden Town. Should I choose my own property lawyer?
Much as we are happy to recommend a Camden Town conveyancing lawyer it’s preferable to select a conveyancing solicitor is to get referrals from friends or family who have previously instructed the firm that you are contemplating using.