We wanted to use a conveyancing solicitor in Hendon for our house purchase. Our broker informed us that our bank The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Hendon conveyancing firms would have been on many bank panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and their employees and establishing certain criteria such a completing on a minimum volume of conveyancing. Many Hendon conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hendon is one of the many areas where the conveyancers showing on our search results are are authorised to act for The Mortgage Works.
My bid for a property was accepted at auction in Hendon. Conveyancing is needed. What happens now?
Given that you have now exchanged you must instruct a conveyancing practitioner soon as you are facing a pending deadline in which to complete the conveyancing. All auction property will ordinarily have a corresponding auction set of papers. This will include evidence of title and search results. In the case of leasehold property the legal papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You need to pass this on to the solicitor instructed by you ASAP. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
Is it the case that all Hendon CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
Some major lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
I am expecting a DIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Hendon solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Hendon solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
Should our lawyer be making enquiries regarding flooding during the conveyancing in Hendon.
Flooding is a growing risk for lawyers dealing with homes in Hendon. Plenty of people will acquire a house in Hendon, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a number of checks that can be initiated by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Hendon. The conventional set of completed inquiry forms supplied to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to find out whether the property has ever been flooded. If the residence has been flooded in past and is not notified by the seller, then a purchaser may issue a claim for damages resulting from an incorrect response. A purchaser’s lawyers will also conduct an enviro search. This should reveal if there is any known flood risk. If so, more detailed investigations will need to be made.
My husband and I are first time buyers - agreed a price, but the agent advised that the owners will only move forward if we appoint the agent's recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a family conveyancer who is familiar with conveyancing in Hendon
It is highly unlikely the owners are behind this. If they require ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Contact the owners directly and make sure they comprehend that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)but you intend to use your preferred Hendon conveyancing lawyers - as opposed tothe ones that will give the estate agent a kickback or meet his conveyancing thresholds pre-set by HQ.
I am tempted by the attractive purchase price for a couple of maisonettes in Hendon both have in the region of 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Hendon. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area.
I inherited a a ground floor purpose built flat in Hendon. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount due for a lease extension?
if there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the Leasehold Valuation Tribunal to decide the sum to be paid.
An example of a Lease Extension case for a Hendon residence is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case was in relation to 1 flat. The unexpired residue of the current lease was 71 years.
How up-to-date is your database of lawyers on the mortgage company conveyancing panel in Hendon? Do the banks send you an updated list?
Hendon firms and firms carrying out conveyancing in Hendon themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the bank directly.