My husband and I are looking to buy a flat in Southgate and are in fact using a Southgate conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Southgate solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Southgate solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My fiance and I are purchasing a newly converted flat in Southgate with a residential mortgage from Skipton Building Society.We use our Southgate conveyancing practitioner but Skipton Building Society advised that he's not on their approved list of firms. It seems we are left with no choice but to instruct a Skipton Building Society panel solicitor or retain our local solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The loan issued to you contains various provisions, a common one being that lawyers will be on the Skipton Building Society solicitor panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Skipton Building Society
Have purchased a a terraced house in Southgate , how long will it take for the Land Registry to record my ownership? My Southgate conveyancing solicitor has been very slow, so I want to be certain that my ownership is registered.
As far as conveyancing in Southgate is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether there are errors and if the Land registry communicate with any 3rd persons or bodies. Currently approximately three quarters of such applications are fully addressed within two weeks but occasionally there can be extensive delays. Historically registration occurs once the purchaser is living at the premises thus 'speed' is not usually top priority but where there is a degree of urgency associated with the registration then you or your conveyancer can speak with the land registry and explain the circumstances.
Just had an offer accepted on a new build apartment in Southgate. 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 legal work.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Southgate
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The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Forfeiture - bankruptcy or liquidation must not apply under this provision. 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. 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.
I was recommended by numerous selling agents in Southgate to locate a property lawyer on your site. What’s the financial incentive for Estate Agents to offer your site ahead of another?
We refuse to make any commission for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I need to appoint a conveyancing solicitor for residential conveyancing in Southgate. I've chance upon a web site which appears to be the ideal offering If there is a chance to get all formalities done via web that would be preferable. Should I be wary? What are the potential pitfalls?
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?