My husband and I are looking to purchase a home in Brockley and are in fact using a Brockley conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Birmingham Midshires have this evening contacted us to advise us that they have now hit a problem as our Brockley lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the purchaser's lender. 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Brockley solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
What happens if my lawyer’s firm is suspended from the Principality Conveyancing panel ahead of completing my conveyancing in Brockley?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm buying my first flat in Brockley with a loan from Santander. The builders would not budge the price so I negotiated five thousand pounds worth of extras instead. The property agent told me not to tell my solicitor about this extras as it will adversely affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been sourcing a conveyancing solicitor in Brockley for my house move. Is it possible to review a solicitor's complaints history with the legal regulator?
You can read published Solicitor Regulator Association (SRA) determinations stemming from investigations started on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The regulator may recorded telephone calls for training purposes.
We are in the middle of buying a house in Brockley. Conveyancing solicitor has called to say the title is "Leasehold". Will this likely make a difference on the salability of the property?
Brockley conveyancing does not ordinarily involve leasehold houses. The main factor here is the remaining lease term and the ground rent. If there are hundred of years years remaining with a nominal rent, it's essentially freehold, so it shouldn't impact the saleability significantly.
On the flip side, if it's, say, Sixty years it will have a significant impact on the saleability, and probably wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease to be supplied to your solicitor.