I am nearing exchange of contracts for my home in Harringay and the estate agent has just e-mailed to advise that the purchasers are appointing a new law firm. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Harringay ?
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 more than 15 years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your purchasers are unlikely to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Harringay? Is this really warranted?
Harringay conveyancing solicitors and indeed property practitioners accross the UK have a duty under money laundering regulations to verify the identity of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients will need to provide two forms of certified identification; proof of ID (usually a Passport or Driving Licence) and evidence of address (usually a Utility Bill no more than three months).
Evidence of the origin of monies is also necessary in compliance with the money laundering regulations as conveyancers are obliged to ensure that the money you are utilising to buy a property (be it the exchange deposit or the full purchase amount if you are a cash purchaser) has come from legitimate source (such as an inheritance) as opposed to the product of criminal activity.
We're in Harringay, First timers buying with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Harringay differ for new build properties?
Most buyers of new build or newly converted property in Harringay approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Harringay tend to acquire the site, 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 used to new build conveyancing in Harringay or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Harringay is where the house is located. Can you shed any light on this issue?
Flying freeholds in Harringay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Harringay you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Harringay 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 premises.
How does the Landlord & Tenant Act 1954 affect my business premises in Harringay and how can your lawyers assist?
The 1954 Act gives security of tenure to business leaseholders, giving them the right to make a request to court for a continuation of occupancy at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Harringay is one of the numerous areas of the UK in which our lawyers are located