I am nearing exchange of contracts for my maisonette in Norwood Green and the estate agent has just text me to warn that the buyers are appointing a new property lawyer. The reason given is that the lender will only work with solicitors on their approved list. Why would a leading lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Norwood Green ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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.
My son is purchasing a newly built flat in Norwood Green with a mortgage from Skipton. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a 3 bedroom semi in Norwood Green. The intention is to convert the garage to an office at the property.Will legal conveyancing on the property include investigations to determine if these works were previously refused?
Your property lawyer will check the registered title as conveyancing in Norwood Green will on occasion identify restrictions in the title documents which prohibit certain changes or need the permission of a 3rd party. Certain extensions call for local authority planning consent and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be sensible to check these things with a surveyor before you commit yourself to a purchase.
My lawyer has informed me that lack of planning permission insurance is necessary on my purchase. What is the level of cover for Norwood Green conveyancing?
The right level of lack of planning permission indemnity insurance depends on your lender. It would differ for example between Lloyds TSB Bank and Coventry Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Norwood Green solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS 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. You may wish to consider appointing your own Norwood Green surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Various internet forums that I have visited warn that are the primary cause of stalling in Norwood Green conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Norwood Green.
I am looking for a leasehold apartment up to £195,000 and identified one close by in Norwood Green I like with a park and station nearby, however it only has 61 years on the lease. There is not much else in Norwood Green for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will likely be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My husband and I are FTB’s - agreed a price, but the property agent advised that the vendor will only move forward if we use their chosen conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a local solicitor who is familiar with conveyancing in Norwood Green
It is improbable the vendors are driving this. If they want ‘a quick sale', taking such a hostile approach to a genuine purchaser is is going to put the whole deal at risk. Try to communicate with the owners directly and explain that (a)you are serious buyers (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)however you are going to appoint your own,trusted Norwood Green conveyancing lawyers - as opposed tothose that will give their estate agent a commission or hit his conveyancing figures demanded by HQ.