I am in the process of selling my maisonette in Pentonville and the EA has just text me to advise that the buyers are switching solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Pentonville ?
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 HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. The buyers are unlikely to have any impact on this.
My wife and I are getting closer to an exchange on a flat in Pentonville and my parents have transferred the exchange deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your conveyancing practitioner is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
My fiancee and I are at the point of looking at flats in Pentonville and I am now considering a potential offer. Should I already have a solicitor appointed at this point? I intend to finance via a home loan with Co-operative.
You should start requesting conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are taking out a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
The formalities of my purchase has taken place for my property in Pentonville. Conveyancing was a necessary evil but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I am selling my flat. I had a double glazing fitted in June 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being a right pain. The Pentonville solicitor who is on the Santander conveyancing panel is recommending indemnity insurance as a solution but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my solicitor be asking questions about flooding during the conveyancing in Pentonville.
Flooding is a growing risk for conveyancers conducting conveyancing in Pentonville. Some people will acquire a property in Pentonville, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous searches that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Pentonville. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the seller, then a purchaser could commence a compensation claim resulting from an inaccurate response. The buyer’s solicitors may also carry out an environmental search. This will disclose if there is a recorded flood risk. If so, further investigations should be initiated.
How does conveyancing in Pentonville differ for new build properties?
Most buyers of new build or newly converted property in Pentonville approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because builders in Pentonville usually acquire the site, 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 used to new build conveyancing in Pentonville or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Pentonville before instructing lawyers. I have been informed that there is a flying freehold element to the property. The surveyor has said that some lenders may not give a mortgage on such a property.
It depends who your proposed lender is. Santander has different instructions from Halifax. If you call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Pentonville. Conveyancing may be slightly more expensive based on your lender's requirements.