My IFA says he needs my Knightsbridge law firm’s panel reference for the HSBC conveyancing panel. Can you suggest how I find this out. I have contacted my local Knightsbridge office but they have not got back to me yet.
The sensible thing to do is ask for this information from your Knightsbridge solicitor . Most Knightsbridge law firms will keep a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each mortgage company.
My lawyer has uncovered a defect with the lease for the flat we are purchasing in Knightsbridge. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Knightsbridge differ for new build properties?
Most buyers of new build residence in Knightsbridge contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Knightsbridge typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Knightsbridge or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Knightsbridge in advance of appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some lenders tend refuse to issue a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements from Halifax. If you e-mail us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Knightsbridge. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Knightsbridge and I am already nervous. I couldn't find anything specific about Knightsbridge. Conveyancing will be needed in due course but do you know about the Knightsbridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Knightsbridge. In the meantime here are some basic statistics that we found