My wife and I are buying a 1 bedroom flat in South Kensington with a mortgage. We would like to retain our South Kensington lawyer, however the mortgage company advise she’s not on their "panel". It seems we have no option but to instruct one of the lender panel solicitors or keep our South Kensington conveyancing practitioner as well as pay for one of their panel firms to act for them. This feels very unfair; can we not require that the mortgage company use our South Kensington solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your South Kensington conveyancing lawyer to apply to be on the conveyancing panel.
Can you explain why leasehold purchase conveyancing in South Kensington costs more?
South Kensington leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I am considering applying for a UBS mortgage for purchase of a newly converted (under development) in South Kensington with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
My bid for a property was accepted at auction in South Kensington. Conveyancing is required. What is next?
Having to all intents and purposes signed on the dotted line you should appoint a conveyancing solicitor soon as you are faced with a fast approaching a drop dead date to complete the conveyancing. All auction property will have a corresponding legal set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You should hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
I happen to be the single recipient of my late mum's estate with all property in now in my sole name, including the house in South Kensington. The South Kensington property was put into my name in May. I want to move. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the property in May. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. Most lenders would take a practical view as this requirement primarily exists to capture subsales or the quick reselling of property.
I am buying a property in South Kensington. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that you are obtaining a mortgage with Aldermore your lawyer must check the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Aldermore where a lease does not satisfy these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not limited to South Kensington.
I need to retain a conveyancing solicitor for some conveyancing in South Kensington. I've chance upon a web site which seems to have the perfect answer If it is possible to get all this stuff done via web that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do online conveyancing companies undertake everything a high street South Kensington solicitor does or must I retain a solicitor for the final stages for my conveyancing in South Kensington?
Where you use an online conveyancer they will cover all the tasks your South Kensington solicitor would cover.