Unfortunately I am unable to travel far from New Southgate. I would like to know the reason why all New Southgate property lawyers aren't automatically on all bank panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lenders to review their conveyancing panels, which triggered a major policy change in the sector. This led to mortgage companies pruning a number of firms off their panel of approved lawyers .
I am approaching an exchange on a flat in New Southgate and my mum and dad have sent the exchange deposit to my conveyancer. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
The conveyancer is duty bound to clarify with mortgage company to ensure that they understand that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Will our lawyer be making enquiries regarding flooding as part of the conveyancing in New Southgate.
Flooding is a growing risk for lawyers dealing with homes in New Southgate. Plenty of people will purchase a property in New Southgate, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in New Southgate. The conventional set of information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out if the premises has historically flooded. If the property has been flooded in past which is not notified by the vendor, then a buyer may issue a legal claim for losses as a result of such an misleading answer. The purchaser’s conveyancers may also order an enviro search. This will higlight whether there is a recorded flood risk. If so, further inquiries should be initiated.
I acquired my flat on 12 May and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in New Southgate advises it would be dealt with in less than a month. Are transfers in New Southgate particularly slow to register?
There is nothing unique when it comes to conveyancing in New Southgate registration formalities. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether there are errors and if the Land registry must send notices to any interested persons or bodies. At present approximately three quarters of submission are fully dealt with in less than three weeks but some can be subject to longer delays. Historically registration occurs after the buyer has moved in to the premises so post completion formalities is not always an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. New Southgate is the location of the property. Can you shed any light on this issue?
Flying freeholds in New Southgate are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Southgate you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Southgate may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.