I am selling my home in North Kensington and the estate agent has just text me to warn that the purchasers are swapping solicitor. The reason given is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in North Kensington ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in North Kensington is more expensive?
In short, leasehold conveyancing in North Kensington and elsewhere usually necessitates extra due diligence compared to freehold conveyancing. This includes reviewing the lease, communicating with the landlord about serving required notices, obtaining current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
Does a directory service exist listing UBS panel conveyancers in North Kensington on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association websites. Very few mortgage companies make their panel listings visible on the web. Where you are in need of a North Kensington solicitor on the UBS please make the most of our tool.
Is it the case that all North Kensington solicitor firms on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Barclays approved list of solicitors they would need to be governed by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
We were going to get a AIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any North Kensington solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint North Kensington solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
Will our lawyer be asking questions concerning flooding during the conveyancing in North Kensington.
The risk of flooding is if increasing concern for conveyancers dealing with homes in North Kensington. Plenty of people will buy a property in North Kensington, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, but there are a number of searches that can be carried out by the purchaser or by their conveyancers which can give them a better appreciation of the risks in North Kensington. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the vendor to find out whether the premises has historically flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer may bring a claim for damages resulting from an incorrect answer. The purchaser’s conveyancers may also order an enviro search. This should disclose whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.
How does conveyancing in North Kensington differ for new build properties?
Most buyers of new build or newly converted property in North Kensington approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in North Kensington usually buy 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 conveyancing solicitors 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 North Kensington or who has acted in the same development.
I am downsizing from my property. My previous conveyancers have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in North Kensington if that makes things easier.
Do use our search tool to help you choose a solicitor for your conveyancing in North Kensington. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.