Am I correct in assuming that the fact that my conveyancer in New Cross is not identified on my mortgage company's solicitor panel that there is a problem with the standard of his work?
That is most likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the New Cross conveyancing firm and ask them why they are no longer on the approved list for your bank.
Can you explain why leasehold purchase conveyancing in New Cross costs more?
The conveyancing charges for a leasehold premises in New Cross is inevitably greater as compared to a freehold residence. This is because there is an amount of extra time required in dealing with the landlord and managing agents to collate the evidence about whether the rent and service fee have been cleared and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
I have a decision in principle. The bank mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would prefer to instruct a specialised conveyancing solicitor in New Cross?
You should check but the chances are that appoint one of their panel lawyers if you take up the "fee-free" offer. Contact the lender to check if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in New Cross.
When it comes to mortgage companies such as TSB, do New Cross property lawyers face an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We are getting the release of further monies on our home loan from Nottingham as we intend to conduct renovations to our home in New Cross. Do we need to choose a local New Cross solicitor on the Nottingham conveyancing panel to handle the paperwork?
Nottingham don't usually instruct a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Nottingham conveyancing panel.
I currently have a mortgage with Principality for my property in New Cross. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality before renting your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel solicitor.
Are there restrictive covenants that are commonly picked up during conveyancing in New Cross?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in New Cross. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the guidance of my in-laws I had a survey completed on a house in New Cross in advance of instructing lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some banks tend refuse to give a mortgage on such a home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. If you contact us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in New Cross. Conveyancing may be slightly more expensive based on your lender's requirements.