I am acquiring a maisonette in North Kensington. My lawyer is not listed on the mortgage company approved panel. Can I still continue with my North Kensington conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel of approved conveyancing solicitors?
One will need to use a lawyer to complete the legal work required if you require a mortgage to purchase your property. They will carry out all the necessary legal checks on the property, make sure that you’re properly registered as the owner and ensure that all the required mortgage documentation is dealt with. One can instruct a North Kensington property lawyer of your choice. Nevertheless, if the solicitor selected is not a member of the bank approved list supplemental charges will arise as separate legal representation will be required by them. Bank panel applications can be submitted, so where your conveyancer has not in the past applied for membership they should take the chance to apply.
Why do I have to pay up front for my conveyancing in North Kensington?
Where you are retaining lawyers for conveyancing in North Kensington your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the sale price then this will be needed shortly ahead of exchange of contracts. Any further balance that is due should be transferred a couple of days ahead of the completion date.
We are purchasing a flat in North Kensington. I might seem paranoid but how we can trust a solicitor? At some point we will need to deposit money into their account. What is the protection we have from them run away with our money?
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.
A colleague pointed out to me me that in buying a property in North Kensington there may be various restrictions prohibiting external alterations to a property. Is this right?
We are aware of a number of properties in North Kensington which have some sort of restriction or requirement of consent to carry out external alterations. Part of the conveyancing in North Kensington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my North Kensington bank branch on various occasions and was told they are content with the situation and they will lend. My North Kensington conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Your solicitor must comply with the CML Handbook Part 2 conditions for your 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are the main cause of stalling in North Kensington conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in North Kensington.
I am buying a new build house in North Kensington benefiting from help to buy. The developers refused to reduce the amount so I negotiated 6k of extras instead. The estate agent told me not to tell my solicitor about this deal as it would affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. North Kensington is where the house is located. Can you offer any advice?
Flying freeholds in North Kensington are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Kensington you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Kensington may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.