I can't travel far from St Pancras. I would like to know the logic why all St Pancras conveyancing practitioners are not on all mortgage company panels?
Lenders normally impose restrictions on either the nature or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that the organisation needs to have two or more partners. In addition to restricting the structure of firm, some banks for instance HSBC decided to restrict the size of their panel they permit to represent them. You should note that building societies have no liability for the accuracy of advice provided by any St Pancras property lawyer on their approved list. Mortgage fraud was the primary trigger for the culling of conveyancing panels a few years ago notwithstanding that there are conflicting views about whether solicitors sat at the center of that fraud. Statistics from HMLR indicates that thousands of conveyancing practices only conduct less than three conveyances annually. Those supporting conveyancing panel consolidation question why conveyancing firms should have the right to be listed on a lender panel when it is evident that conveyancing is not their primary expertise?
We are purchasing a newly built flat in St Pancras and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to sign contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in St Pancras. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Nottingham, pay off the mortgage. Is this possible?
Where you plan to refinance then Nottingham will require that you use a conveyancer on the Nottingham conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nottingham conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nottingham mortgage is registered as a charge at the Land Registry.
How does conveyancing in St Pancras differ for new build properties?
Most buyers of new build or newly converted property in St Pancras contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because house builders in St Pancras usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in St Pancras or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and identified one close by in St Pancras I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. There is not much else in St Pancras in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
We are contemplating using a web based conveyancer ahead of a St Pancras conveyancing firm. Should I ‘stay local’?
There are advantages of having the option visit a local St Pancras conveyancing solicitor for instance
- signing papers same day
- having one on one explanations of things that you need help with
- the ability to raise concerns if matters go pear-shaped
When checking fees, look carefully for hidden extras. The majority decent St Pancras high street solicitors give an all-inclusive price. Many online companies seem to offer discounted prices, but have hidden 'extras' in the in the terms and conditions.