I am progressing with the sale of my apartment in Palmers Green and the EA has just text me to advise that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Palmers Green ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
I'm the sole beneficiary of my late father’s estate with all property in now in my sole name, including the house in Palmers Green. Conveyancing formalities meant that the Land Registry date was in January. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the property in January. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Most mortgage companies would take a practical view as this clause is principally there to capture subsales or the flipping of property.
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Palmers Green conveyancing lawyers were chosen. How long does it take for Virgin Money to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Virgin Money completed the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have paid off my mortgage with Lloyds. I assume I don't need a Palmers Green conveyancer on the Lloyds panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I need some fast conveyancing in Palmers Green as I am faced with pressure to sign on the dotted line within 2 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no lawyer would suggest that you don't. With lots of history conveyancing in Palmers Green the following are examples of what can be revealed and therefore affect future saleability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
I am buying my first flat in Palmers Green benefiting from help to buy. The developers would not move on the amount so I negotiated £7000 of extras instead. The property agent told me not reveal to my solicitor about this deal as it will adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Palmers Green prior to appointing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some lenders tend not give a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Palmers Green. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Palmers Green and I am already nervous. I couldn't find anything specific about Palmers Green. Conveyancing will be needed in due course but do you know about the Palmers Green area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Palmers Green. In the meantime here are some basic statistics that we found