Me and my fiance are intending to buy a 2 bedroom flat in South Tottenham with a mortgage. We like our South Tottenham conveyancer, however the bank says she’s not on their "panel". It appears that we have no option but to instruct one of the mortgage company panel solicitors or retain our South Tottenham property lawyer as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your South Tottenham conveyancing solicitor to apply to be on the conveyancing panel.
Our son-in-law is about to exchange on a newly built flat in South Tottenham with a home loan from Clydesdale. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I am remortgaging my apartment in South Tottenham, does my lawyer need to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have been told that property searches are the main reason for stalling in South Tottenham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Local searches are not likely to feature in any slowing down conveyancing in South Tottenham.
I am looking for a leasehold apartment up to £245,000 and identified one near me in South Tottenham I like with a park and railway links nearby, however it's only got 61 years unexpired on the lease. There is not much else in South Tottenham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
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