We are buying a 3 bedroom flat in London with a mortgage. We would like to retain our London conveyancer, however the lender says he's not on their "panel". It appears that we have no option but to select one of the lender panel firms or retain our London lawyer as well as pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. Another option that might be available is for your London conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in London? What am I being asked for?
To satisfy the Money Laundering Regulations any London conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to check not simply the identity of conveyancing clients but also the source of the money that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
I just bought a house at auction in London. Conveyancing is needed. What happens now?
Given that you have now exchanged you should choose a conveyancing lawyer soon as you will have a fast approaching deadline in which to complete the property. An auction property will have a bespoke legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold property the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to hand this to the solicitor working for you as soon as possible. You also need to ensure that you have funds in order to complete on the date specified in the contract.
is it true that all London solicitor firms on the Clydesdale conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Clydesdale conveyancing panel they would need to be regulated by the SRA. Some banks do permit licenced conveyancers on their panel in which case such practice would be regulated by the Council of Licensed Conveyancers.
I was told three weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in London is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in London differ for new build properties?
Most buyers of new build property in London approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in London typically purchase the land, 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 property lawyers 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 London or who has acted in the same development.
As co-executor for the estate of my grandfather I am disposing of a property in Newport but live in London. My lawyer (who is 300 kilometers awayneeds me to execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in London who can attest this legal document for me?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will do regardless of whether they are London based
I have just appointed agents to market my ground floor flat in London.Conveyancing is yet to be initiated however I have just received a half-yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as you normally would because all ground rent and service payments should be allottedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially