My partner and I are planning to acquire a home in Notting Hill and are in fact using a Notting Hill conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this evening contacted us to inform me that there is now an issue as our Notting Hill lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property requiring a mortgage it is normal 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 Accreditation Scheme. Your property lawyer should contact your bank 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 Notting Hill lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
The owners of the home we are hoping to buy are using a conveyancing solicitor in Notting Hill who has recommended a preliminary agreement with a deposit two thousand pounds. Are such agreements promoted for Notting Hill conveyancing transactions?
This form of preliminary agreement is unusual in Notting Hill, conveyancers are not keen on them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no certainty that just because the seller has signed an exclusivity agreement they will sell to you. They may be in contravention of the contract if they receive a big enough financial inducement to do so because a wronged purchaser with the benefit of a lockout agreement will still be obliged show losses as a consequence of the breach and this may not equalise the financial benefit that your vendor may obtain by breaking the agreement, no matter how morally unworthy it undoubtedly is.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel lawyer as I would much rather use a Notting Hill based conveyancing firm?
You should check but the the likelihood is that allocate you one of their panel conveyancers where you want the "fee-free" offer. Contact the mortgage company to check if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Notting Hill.
Can I be sure that the Notting Hill conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in Notting Hill seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor conducting your transaction.
We expect to receive a OIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Notting Hill solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Notting Hill solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
Planning on purchasing a flat in Notting Hill. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Notting Hill property lawyer is on the Co-operative conveyancing panel.
I have been on the look out for a flat up to £195,000 and found one close by in Notting Hill I like with a park and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Notting Hill in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
How do I use the search app to choose a conveyancing practitioner in Notting Hill on the panel for my lender?
First pick a bank such as Yorkshire Building Society, Bank of Scotland or Barclays Direct then type in your location a common one being Notting Hill. Conveyancing organisations in Notting Hill and across England and Wales should be shown.