I am not well enough to travel far from Maida Vale. Can you please spell out why all Maida Vale solicitors are not on all lender panels?
As unjust as it may seem for mortgage companies to limit who can represent them, from the public’s or solicitor’s standpoint, the the contrary view is that banks are becoming ever more anxious and feel it crucial to shield themselves against mortgage fraud. As a consequence of this concern lenders are limiting their panel of approved conveyancing lawyers to a manageable size.
Having sold my house in Maida Vale last December but our buyer keeps whats apping me to moan that her solicitor needs to hear from mine. What are the post completion sale formalities following completion?
Post completion of your sale your solicitor is duty bound to forward the transfer documentation and all supplemental paperwork to the purchaser's lawyers. If applicable, your solicitor should also confirm that the mortgage has been paid off to the purchasers conveyancers. There is unlikely to be post completion formalities peculiar conveyancing in Maida Vale.
Forgive me if this question is silly but I am unexperienced as a 1st time buyer of a ground floor flat in Maida Vale. Do I collect the keys to the premises on completion from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Maida Vale?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s conveyancers, and shortly after the monies have arrived, you should be invited to collect the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
We have agreed to purchase a house in Maida Vale. A rare aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Virgin Money your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease does not comply with these requirements. The conditions relate to the installation of panels on properties countrywide and is not isolated to Maida Vale.
Intending to buy a house in Maida Vale. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland 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 Maida Vale conveyancer is on the Bank of Ireland conveyancing panel.
How does conveyancing in Maida Vale differ for new build properties?
Most buyers of new build premises in Maida Vale approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Maida Vale typically buy 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 conveyancers 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 Maida Vale or who has acted in the same development.
We have had DIP from Santander who said we could borrow up to £300k. When do I need to appoint a practitioner for conveyancing? Maida Vale is where we are buying.
It would be wise to appoint a solicitor now so that the solicitor can open the file so they can commence their ID checks etc. Once you wish them to commence work they will seek a deposit usually about £225. That would generally be once you have the loan offer from your bank and survey results, nevertheless if you wish to expedite matters you can get going sooner albeit risking some expense.