I am need of leasehold conveyancing for an apartment in a relatively new development (6 years built) in North London. Almost all the appartments have already been occupied. Is it really necessary to order conveyancing searches as part of conveyancing in North London?
You are taking a significant risk in failing carrying out North London conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in the strongest possible terms that your conveyancer conducts them. Where timings and cost are primary concerns you should consider with your conveyancer about the viability of search insurance
My fiance and I decided to purchase a newly converted flat in North London with a mortgage from The Mortgage Works.We have a North London conveyancing practitioner but The Mortgage Works informed us she’s not on their approved list of member firms. It seems we have little choice but to instruct a The Mortgage Works panel solicitor or keep our preferred solicitor and pay for a The Mortgage Works panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that The Mortgage Works use our lawyer?
Unfortunately,no. The mortgage offered to you contains various provisions, one of which will be that lawyers must be on the The Mortgage Works approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for The Mortgage Works
When it comes to lenders such as TSB, do North London lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to register on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We are getting the release of further monies on our home loan from Leeds Building Society as we intend to carry out renovations to our home in North London. Are we obliged to select a local North London solicitor on the Leeds Building Society conveyancing panel to handle the legals?
Leeds Building Society don't usually instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society list.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local North London building society branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My North London conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
As long as the property lawyer is on the mortgage company panel, they must adhere to the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 left on the lease.
I am using a search engine for the term conveyancing in North London it brings up numerous conveyancersin the vicinity. How do I determine which is the suitable conveyancer for my move?
The ideal method of finding the right conveyancer is via personal referral, so ask colleagues and family who have acquired a property in North London or the local estate agent or mortgage broker. Costs for conveyancing in North London differ, so it's advisable to obtain at least four fee calculations from different companies. Dont forget to clarify what costs in the quote includes.
My sister purchased her house in North London in 2005. She has got married, divorced and in recent months got remarried. She wishes to sell the house next autumn. I think she will simply be requested to provide a copy of the marriage certificates to the solicitor but she is worried it will hold up the house sale. Is it worth updating the title information for the property?
It is not absolutely necessary to bring up to date the register as long as you have the evidence needed to demonstrate how the change of name resulted.
The purchaser’s conveyancer will check the registered details and ask for evidence by way of proof of the change of name e.g. marriage certificates.