My wife and I are hoping to purchase a 1 bedroom apartment in Maidstone with a mortgage. We wish to retain our Maidstone solicitor, but the lender advise she’s not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Maidstone solicitor as well as pay for one of their panel ones to act for them. This feels very unfair; are we not able to require that the lender use our Maidstone lawyer ?
No, not really. 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 Maidstone conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I are buying a brand new duplex in Maidstone and my lawyer is informing me that she has to the bank to disclose incentives from the developer. The Estate Agents are hassling me to sign contracts and I would rather not prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What is the first thing I need to know regarding purchase conveyancing in Maidstone?
You may not hear this from too many lawyers but conveyancing in Maidstone or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is an abundance of room for confrontation between you and others involved in the house moving process. For example, the seller, selling agent and sometimes a bank. Selecting a law firm for your conveyancing in Maidstone should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the legal process whose interest is to protect your best interests and to protect you.
There is a distinct ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. You your first instinct should be to trust your conveyancer above all other players when it comes to the legal transfer of property.
We are purchasing a flat in Maidstone. I might seem paranoid but how we can trust a solicitor? At some point we will need to deposit our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
is it true that all Maidstone solicitors on the Skipton conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Skipton approved list of solicitors they would need to be governed by the SRA. The majority of lenders do permit licenced conveyancers on their panel and in that case the firms would be overseen by the Council of Licensed Conveyancers.
It is unclear whether my lender requires a lease extension. I have called into my local Maidstone bank branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Maidstone conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the bank panel, she or he must comply with the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I acquired my apartment on 14 June and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Maidstone advises it should be registered inside ten days. Are titles in Maidstone uniquely lengthy to register?
There is nothing unique about conveyancing in Maidstone registration formalities. Rather than based on location, timescales can adjust subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any third parties. As of today roughly three quarters of such applications are fully addressed in less than three weeks but some can be subject to protracted delays. Registration occurs once the new owner has moved in to the property therefore an expedited registration is not typically an essential issue yet where it is urgent that the the registration takes place urgently then you or your solicitor could speak with the land registry and explain the circumstances.
I opted to have a survey completed on a property in Maidstone prior to appointing lawyers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some banks will refuse to give a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Halifax. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Maidstone. Conveyancing may be slightly more expensive based on your lender's requirements.