When it comes to mortgage companies such as Aldermore, do Petersham property lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with Nationwide. I assume I don't need a Petersham lawyer on the Nationwide panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nationwide 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 Nationwide mortgage from the register. Nationwide, 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 Nationwide has sent the Land Registry the discharge electronically, and
- Nationwide has instructed the Land Registry to do so
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Petersham building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Petersham conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search inform me about the property we're buying in Petersham?
Petersham conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Petersham conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
I used Arc property Solicitors several years ago for my conveyancing in Petersham. Now, I need my documents however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Petersham of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
The estate agent has sent us the confirmation of our purchase of a new build flat in Petersham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Petersham
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Am I right to be suspicious that estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a High Street Petersham conveyancing firm?
As with many service providers, often recommendations from connections can be extremely useful or valuable. But there are many parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and lenders might all suggest conveyancers to select. On occasion the lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You are at liberty to select your preferred lawyer. You need to be aware that some banks have an approved list of solicitors you have to use for the mortgage related work in your home move.
The mortgage broker has recommended their conveyancing practitioner for the conveyancing in Petersham - Is it not simpler better to just instruct them?
This is not necessarily the case and you are free to opt for whichever lawyer you decide for your Petersham conveyancing. A conveyancing practitioner put forward by an estate agent may not necessarily be the best solicitor, they may put forward their own conveyancing firm who are based far away. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain updates.