My fiance and I are hoping to purchase a property in Crawley Down and have instructed a Crawley Down conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Norwich and Peterborough Building Society have this afternoon contacted us to advise us that there is now an issue as our Crawley Down conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional 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 mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Crawley Down lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My lawyer has identified a a problem with the lease for the apartment we are buying in Crawley Down. The seller’s lawyers have suggested title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that he must check that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender provisions must be adhered to.
What does my ID and proof of funds have anything to do with my conveyancing in Crawley Down? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Crawley Down conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are required to investigate not only the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Is there a search tool that I can use to discover of the solicitor conducting my conveyancing in Crawley Down is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Platform Home Loans Ltd thus paying £175.00 in further conveyancing invoice.
Feel free to take advantage of the search tool on this page. Please choose the lender and type ‘Crawley Down’ or your location and you will be presented with numerous conveyancers based in Crawley Down or by proximity to you.
Do commercial conveyancing searches reveal planned roadworks that may affect a commercial estate in Crawley Down?
Many commercial conveyancing solicitors in Crawley Down will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Crawley Down. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Crawley Down.
For each commercial conveyancing transaction in Crawley Down it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately could cause delays to Crawley Down commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not conducted for domestic conveyancing in Crawley Down.
There are only 68 years remaining on my lease in Crawley Down. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the lessor. For most situations a specialist should be useful to carry out a search and to produce a report which can be used as proof that the freeholder is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Crawley Down.
Leasehold Conveyancing in Crawley Down - Examples of Queries before Purchasing
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How many of the leaseholders are in arrears for their maintenance charge payments? How much is the annual service fee and ground rent? Does the lease contain onerous restrictions?