At what point will exchange of contracts take place for residential conveyancing in Kentish Town and am I required to be at the solicitors branch?
If you are near to one of the conveyancing solicitors in Kentish Town you are welcome to attend to sign contracts. However, the lender approved solicitors we work with supply a nationwide conveyancing service and provide just as diligent and professional a job for you when dealing with you electronically. The signing of the purchase agreement is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Kentish Town)to be in the office available at the end of the phone to exchange contracts.
Are all Kentish Town Conveyancing Quality Solicitors on the Yorkshire BS conveyancing panel?
Some major lenders now utilise CQS as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
I am currently in the process of buying my council flat in Kentish Town. I have a mortgage offer with Barclays. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Barclays, you will need to appoint a solicitor on the Barclays conveyancing panel.
It is not clear whether my lender requires a lease extension. I have telephoned my Kentish Town bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Kentish Town conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancing practitioner is on the bank approved list, they must comply with the Council of Mortgage Lenders’ Handbook conditions for the bank. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Various online forums that I have visited warn that are a common cause of delay in Kentish Town house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Kentish Town.
Are there restrictive covenants that are commonly identified during conveyancing in Kentish Town?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Kentish Town. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Kentish Town with a mortgage from Chelsea Building Society. The developers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not disclose to my solicitor about the extras as it will adversely affect my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.