I am in the process of selling my house in Stamford Hill and the estate agent has just e-mailed to say that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading lender only work with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Stamford Hill ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 sway in the decision.
We note that you have a search directory listing law firms on the Bank of Ireland conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Stamford Hill?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stamford Hill.
We are buying a house in Stamford Hill. It might be a silly question but how we can trust a solicitor? At some point we have to put money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I'm the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Stamford Hill. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I understand that there is a CML 6 month 'rule', meaning my property ownership will be treated the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view banks take of it, depend on the lender as this requirement principally exists to pick up on the purchase and immediately sell or the flipping of property.
Skipton have agreed my home loan in principle, my bid on a house in Stamford Hill has been accepted, now what?
The estate agent will need to be informed of your conveyancing practitioner's details (ensure that the conveyancers are on the lender’s panel). Contact Skipton or the financial adviser and complete any appropriate paperwork. Skipton will sellect a valuer who will get in touch with the estate agent or seller to book an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Skipton will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stamford Hill.
About to purchase a new build apartment in Stamford Hill. Conveyancing is daunting 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.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Stamford Hill
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. 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. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Stamford Hill I like with open areas and transport links in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Stamford Hill in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
Is it the case that all Stamford Hill property lawyers on every lender conveyancing panel?
You can use our search tool or you can drop into your high street bank branch in Stamford Hill. Chances are that they can recommend conveyancing solicitors in Stamford Hill