My fiance and I are hoping to acquire a property in Hornsey and have instructed a Hornsey conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Coventry Building Society have this afternoon contacted us to inform me that they have now hit a problem as our Hornsey solicitor is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Hornsey lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I have given 2 months notice to my existing landlord and have to vacate my rented apartment in Hornsey by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in 5 weeks as I wish to avoid having to find temporary accommodation?
It is unwise to serve notice for your tenancy until you have exchanged. If you have not already done so, speak to your conveyancer and request that they apply pressure on the other lawyers, try to an acceptable time-line that everyone will look towards
I am the registered owner of a freehold house in Hornsey but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Hornsey and has limited impact for conveyancing in Hornsey but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Hornsey. I I would like to check whether they are on the Platform Home Loans Ltd conveyancing panel. Can you assist?
The first thing to do is contact the lawyer and ask them if they are on the lender panel. Alternatively you can get in touch with Platform Home Loans Ltd who may be able to assist.
I'm buying a new build house in Hornsey with a loan from Godiva Mortgages Ltd. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not to tell my conveyancer about the side-deal as it would put at risk my loan with Godiva Mortgages Ltd. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I decided to have a survey done on a house in Hornsey prior to retaining solicitors. I have been advised that there is a flying freehold element to the house. The surveyor has said that some banks tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements 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 used to dealing with flying freeholds in Hornsey. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hornsey to see if the conveyancing will be more expensive.