we are a couple who are hoping to buy a newbuild flat in Knightsbridge with a loan from Birmingham Midshires.We have a Knightsbridge conveyancing practitioner but Birmingham Midshires informed us he's not listed on their approved list of firms. We have to appoint a Birmingham Midshires panel lawyer or keep our preferred solicitor and pay for a Birmingham Midshires panel lawyer to act for them. This seems very unfair; Can we not simply insist that Birmingham Midshires use our lawyer?
No, not really. The mortgage issued to you is subject to its terms and conditions, a common one being that conveyancers needs to be on the Birmingham Midshires conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Birmingham Midshires
When it comes to mortgage companies such as Clydesdale, do Knightsbridge lawyers incur a yearly amount to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
is it true that all Knightsbridge solicitor practices on the HSBC conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel and in such a situation the firms would be governed by the CLC.
I am currently in the process of buying my council flat in Knightsbridge. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Knightsbridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Knightsbridge
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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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Knightsbridge I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. There is not much else in Knightsbridge in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I need to appoint a conveyancing solicitor for sale conveyancing in Knightsbridge. I've stumble upon a site which looks to be the perfect offering If it is possible to get all formalities done via phone that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that appears to tick a lot of boxes, at a great price which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Knightsbridge. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Knightsbridge are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are buying in Knightsbridge in which case you should be looking for a Knightsbridge conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your conveyancer should report to you on the legal implications.