I am one month into the sale of my apartment in Golders Green and the EA has just e-mailed to advise that the purchasers are switching conveyancer. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint to handle their conveyancing in Golders Green ?
Lenders have always had an approved set of law firms that can represent them, but in recent 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 more than 25 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. 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 do not even realise 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 impact on this.
Our solicitor has discovered a a problem with the lease for the property we are purchasing in Golders Green. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
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 requirements must be adhered to.
If you had a top tip for selecting a conveyancing solicitor in Golders Green what would it be?
Do not opt for the lowest Golders Green conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
We were going to get a AIP from Principality this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Golders Green solicitors on the Principality conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Golders Green solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I have paid off my mortgage with Santander. I assume I don't need a Golders Green property lawyer on the Santander panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
It has been three months following my purchase conveyancing in Golders Green concluded. I have checked the Land Registry website 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 residence 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one near me in Golders Green I like with a park and station in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in Golders Green suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
How and when do I incur the Stamp Duty Land Tax chargeable for my Golders Green house purchase?
Your property lawyer should fill out a stamp duty return on your behalf as part of your Golders Green conveyancing transaction for you to sign. After completion your lawyer will submit the STL Return Form to the Inland Revenue and - as long as they have the funds - pay any land tax liability for you.