I am nearing exchange of contracts for my flat in Queen's Park and the EA has just telephoned to warn that the buyers are switching conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a major lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Queen's Park ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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 unlikely to have any impact on this.
My wife and I are intent on selling our house in Queen's Park and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any high street Queen's Park lawyer would know this is not the case. It does beg the question why the buyers used a national conveyancing firm as opposed to a conveyancing solicitor in Queen's Park. We have lived in Queen's Park for 4 years we know of no issue. Do we contact our local Authority to get confirmation need.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
The estate agent has sent us the confirmation of our purchase of a new build flat in Queen's Park. Conveyancing is necessary evil 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 conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Queen's Park
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.
I opted to have a survey completed on a property in Queen's Park in advance of appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies tend refuse to give a mortgage on this type of premises.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Queen's Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Queen's Park and I am already nervous. I couldn't find anything specific about Queen's Park. Conveyancing will be needed in due course but do you know about the Queen's Park area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Queen's Park. In the meantime here are some basic statistics that we found
When it comes to my conveyancing in Queen's Park should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Queen's Park conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.