My husband and I are planning to acquire a property in New Addington and are in fact using a New Addington conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. The Mortgage Works have this afternoon contacted us to advise us that they have now hit a problem as our New Addington conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also represent the mortgage company. 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 property lawyer should contact your mortgage company 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred New Addington lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Due to move into my new home in New Addington next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
All property lawyers on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not limited to conveyancing in New Addington.
I am mortgaging my flat in New Addington, does my lawyer have to be on the Skipton Conveyancing panel?
There is nothing to stop you using your solicitor, but Skipton will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
My solicitor has informed me that lack of planning permission insurance is needed on my purchase. What is the level of cover for New Addington conveyancing?
The appropriate level of lack of planning permission indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such insurances.
Are all New Addington Conveyancing Quality Solicitors on the Kent Reliance conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
After shopping around on the internet I have found a New Addington property lawyer having made sure that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your New Addington postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in New Addington.
I have todaydiscovered that Action Conveyancing have been shut down. They carried out my conveyancing in New Addington for a purchase of a leasehold flat 12 months ago. How can I establish that the property is not still registered in the name of the previous owner?
The quickest method to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of New Addington conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build flat in New Addington. Conveyancing is daunting 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 is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in New Addington
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.