I am selling my apartment in Chipping Barnet and the EA has just text me to say that the purchasers are swapping property lawyer. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Chipping Barnet ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that 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 sway in the decision.
We were going to get a DIP from UBS 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 UBS recommend any Chipping Barnet solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Chipping Barnet solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
The mortgage over my property is with Santander for my property in Chipping Barnet. Conveyancing has been completed a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Santander?
You must advise Santander in advance of renting your property as this is likely to be a breach of Santander’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel firm.
I was told two weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in Chipping Barnet is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
3 months have elapsed since my purchase conveyancing in Chipping Barnet took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Chipping Barnet differ for newly converted properties?
Most buyers of new build property in Chipping Barnet contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Chipping Barnet tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Chipping Barnet or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Chipping Barnet is where the house is located. Can you offer any advice?
Flying freeholds in Chipping Barnet are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chipping Barnet you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chipping Barnet may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been sourcing a conveyancing lawyer in Chipping Barnet for my house move. Can I see a solicitor's record with the legal regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, dial +44 (0)121 329 6800. The SRA may monitor call for training purposes.