I am 4 weeks into the sale of my ground floor flat in Friern Barnet and the EA has just called to warn that the purchasers are swapping conveyancer. I am told that this is due to the fact that the lender will only deal with solicitors on their approved list. On what basis would a leading lender only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Friern Barnet ?
Banks have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 buyers are not going to have any impact on this.
Is it the case that all Friern Barnet solicitors on the TSB conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the TSB approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel and in such a situation the firms would be overseen by the Council of Licensed Conveyancers.
We are getting the release of further funds on our home loan from Clydesdale as we want to carry out a loft conversion to our home in Friern Barnet. Do we need to select a nearby Friern Barnet solicitor on the Clydesdale conveyancing panel to deal with the paperwork?
Clydesdale do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale panel.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Friern Barnet building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Friern Barnet conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender panel, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are a common reason for stalling in Friern Barnet house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Friern Barnet.
I have a 4 bedroom Victorian house in Friern Barnet. Conveyancing practitioner represented me and Barnsley Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Friern Barnet and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with the conveyancing practitioner who conducted the conveyancing.
I am buying a new build apartment in Friern Barnet. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Friern Barnet
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? 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.
Due to the guidance of my in-laws I had a survey completed on a house in Friern Barnet in advance of appointing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks may not grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Friern Barnet. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Friern Barnet to see if the conveyancing will be more expensive.