I am buying a new build apartment in Pentonville and my lawyer is telling me that she has to the lender to disclose incentives from the developer. I am on a tight deadline to exchange and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We see that you have a post code search directory identifying firms on the Aldermore conveyancing panel. Do firms pay you a referral fee if I instruct them for our conveyancing in Pentonville?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Pentonville.
My husband and I have arranged a further advance on our home loan from HSBC as we intend to conduct a loft conversion to our home in Pentonville. Do we need to appoint a nearby Pentonville solicitor on the HSBC conveyancing panel to deal with the paperwork?
HSBC would not normally appoint firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I have today made my last payment due on my mortgage with Aldermore. I assume I don't need a Pentonville lawyer on the Aldermore panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore 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 Aldermore mortgage from the register. Aldermore, 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 Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Pentonville solicitor - who is on the Lloyds conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds 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. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Pentonville postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Pentonville.
How does conveyancing in Pentonville differ for newly converted properties?
Most buyers of new build property in Pentonville contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Pentonville usually acquire the real estate, 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 conveyancers 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 accustomed to new build conveyancing in Pentonville or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Pentonville is where the house is located. What do you suggest?
Flying freeholds in Pentonville are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pentonville you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pentonville 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 premises.
Am I best advised to instruct a Pentonville conveyancing solicitor based in the vicinity that I am purchasing? An old friend can deal with the legal formalities however they are based 300kilometers away.
The benefit of a high street Pentonville conveyancing firm is that you can visit the firm to sign documents, deliver your identification documents and pester them where appropriate. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were impressed that should trump using an unknown Pentonville conveyancing lawyer solely due to them being local.