Am I correct in assuming that the fact that my solicitor in Finsbury Park is not identified on my lender's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That is more than likely an incorrect assumption to make. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Finsbury Park conveyancing practice and ask them why they are no longer on the approved list for your lender.
Our son-in-law is in the process of securing a house that has just been built in Finsbury Park with a mortgage from . His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a property and the conveyancer has mentioned Chancel Repair to which the property could be liable because it falls into the area of such a church. He has recommended insurance. Is this strictly required for conveyancing in Finsbury Park
Unless a previous acquisition of the premises completed post 12 October 2013 you can take it that conveyancing practitioners handling conveyancing in Finsbury Park to continue to advocate a chancel search and or chancel repair liability policy.
Due to the advice of my in-laws I had a survey completed on a house in Finsbury Park prior to instructing lawyers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some banks will not give a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. If you e-mail us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Finsbury Park. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been pointed in your direction by a number of estate agents in Finsbury Park to select a solicitor on your site. What’s the financial incentive for Estate Agents to promote your site rather than alternative conveyancing organisations?
We refuse to make any financial incentive for pointing buyers and sellers to this site. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.