My husband and I are looking to buy a flat in Barbican and have instructed a Barbican conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this evening contacted us to inform me that they have now hit a problem as our Barbican lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance 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 lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Barbican lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Do I need to visit the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Barbican so that I can pop in to their offices when needed.
As opposed to 12 years ago, almost all banks no longer require their conveyancing panel solicitor to witness the borrowers signature. It will still be necessary for you to supply identification documents and there are still manifest benefits to choosing a locally based ayer, in your situation a conveyancing solicitor in Barbican.
The formalities of my purchase has taken place for my property in Barbican. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I can not fathom if my lender requires a lease extension. I have called into my local Barbican bank branch on various occasions and was told it does not affect the mortgage offer and they would lend. My Barbican conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend in accordance with their published requirements. I simply don't know who is right.
Provided that the lawyer is on the lender panel, she or he must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase apartment in Barbican. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Barbican solicitor is on the Kent Reliance conveyancing panel.
I am buying a property and the conveyancer has raised the issue of Chancel Repair for which the house could be obligated to pay because it falls into the area of such a church. She has suggested insurance. Is this really required for conveyancing in Barbican
Unless a prior purchase of the house took place after 12 October 2013 you could take it that solicitors carrying out conveyancing in Barbican to remain recommending a chancel search and or chancel repair liability policy.
I am looking for a leasehold apartment up to £195,000 and found one round the corner in Barbican I like with open areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Barbican suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a home loan that many years may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.