I am nearing exchange of contracts for my home in Golders Green and the estate agent has just e-mailed to advise that the purchasers are changing their conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a big named lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Golders Green ?
UK lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. 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 hearing daily from firms that have been removed from panels. Some 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 unlikely to have any sway in the decision.
I am soon to exchange buying a house in Golders Green but as a result of wreckage from a small fire at the property I have was able negotiate recompense from the seller of £3k taking the form of a adjustment in the price. I had intended this to be dealt with as part of a side agreement however Principality are not allowing this. Why were they involved?
Any lawyer being on the Principality conveyancing panel is required to advise Principality of any amendments to the sale price. If you were to refuse your property lawyer to disclose the reduction to Principality then they would have to discontinue acting for you. In addition, Principality and you would have to appoint a new conveyancer for your conveyancing in Golders Green.
Please explain the implications if my solicitor is suspended from the Kent Reliance Conveyancing panel ahead of completing my conveyancing in Golders Green?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
This question may be naive but I am unseasoned as FTB of a garden flat in Golders Green. Do I collect the keys to the property on the completion date from my lawyer? If so, I will find a local conveyancing solicitor in Golders Green?
On the day of completion you will not be required to go to the conveyancers office in Golders Green. Conveyancing lawyers for you will transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you will be invited to collect the keys from the Estate Agents and move into your new home. Usually this happens between 1 and 3pm.
My stepmother pointed out to me me that in purchasing a property in Golders Green there may be a number of restrictions prohibiting external changes to the property. Is this right?
We are aware of a number of properties in Golders Green which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Golders Green should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Virgin Money have agreed my mortgage in principle, my offer on a apartment in Golders Green has been agreed to, what happens next?
Your estate agent will want to know who your solicitors are (ensure that the property lawyers are on the lender’s approved list). Contact Virgin Money or your broker and finalise any relevant documentation. Virgin Money will sellect a valuer who will get in contact with the selling agent or seller to book a time for the valuation to take place. Once carried out (assuming no problems) it takes about a fortnight to get a mortgage offer. Virgin Money will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Golders Green.
I am buying a new build flat in Golders Green. Conveyancing is a frightening process 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.
Here is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Golders Green
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. 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. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
My father-in-law has urged me to appoint his conveyancers in Golders Green. Should I find my own property lawyer?
Much as we are happy to recommend a Golders Green conveyancing lawyer it’s preferable to select a conveyancing solicitor is to have referrals from friends or family who have previously instructed the conveyancer you're considering.