Unfortunately I am unable to travel far from West Norwood. I would like to know the reason why all West Norwood lawyers aren't automatically on all bank panels?
Before the recession most lenders displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 carried out a thematic review into fraud which in summary warned lenders: know the solicitors on your panel. Consequently, banks have subsequently looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the lenders insisted on.
My husband and I are acquiring a newly built flat in West Norwood and my conveyancer is informing me that she is duty bound to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your 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.
In what way does my ID and proof of funds have anything to do with my conveyancing in West Norwood? Is this really warranted?
To satisfy the Money Laundering Regulations any West Norwood conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, property lawyers are required to validate not just the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
Are the BSA planning on creating a online directory to list practices on the Darlington Building Society conveyancing panel for example in West Norwood?
We are not aware of any intention on the part of the BSA to develop such a register.
is it true that all West Norwood solicitor practices on the Clydesdale conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Clydesdale conveyancing panel they would need to be overseen by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such organisation would be governed by the Council of Licensed Conveyancers.
It is not clear whether my mortgage offer requires a lease extension. I have telephoned my West Norwood bank branch on a couple of occasions and was informed it wasn't a problem and they will lend. My West Norwood conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank approved list, they must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My offer was accepted on an apartment in West Norwood on 2/9/2025, valuation was booked 3 days after, all came back fine. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Virgin Money and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Virgin Money conveyancing panel. Are Virgin Money entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
Planning to sign contracts shortly on a ground floor flat in West Norwood. Conveyancing lawyers inform me that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in West Norwood should include some of the following:
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Where does the liability rest to repair and maintain the block. It is essential for you to know who is liable for the repair and maintenance of all parts of the block and communal areas if lease caters for for a reserve fund? Information concerning the obligations in the lease to pay service charges - in relation to the building, and the more general rights a lessee has You should have a good understanding of the building insurance requirements The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
We have reached the end of our tether in trying to reach an agreement for a lease extension in West Norwood. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most certainly. We can put you in touch with a West Norwood conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a West Norwood premises is 172 Knollys Road in February 2012. On 13 September 2011 District Judge Guinan made a vesting order and the proceedings were transferred to the tribunal for the purpose of assessing the premium which was subsequently calculated to be £24,003 This case was in relation to 4 flats. The number of years remaining on the existing lease(s) was 98.28 for 3 flats other than the garden flat which had 66.04 years remaining.