My husband and I are getting closer to an exchange on a house in North London and my mum and dad have transferred the 10% deposit to my property lawyer. I am now advised that as the deposit has not come from me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?
The lawyer is legally required to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is is a decade since I purchased my property in North London. Conveyancing solicitors have now been retained on the sale but I am unable to find the title documents. Will this cause complications?
Don’t worry too much. First the deeds may be with your mortgage company or they may be in the possession of the lawyers who handled the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in North London relates to registered property but in the unlikely event that your home is not registered it is more of a problem but is not insurmountable.
What is your number one tip for choosing a conveyancing solicitor in North London
Do not opt for the lowest North London conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
A colleague advised me that in purchasing a property in North London there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of a number of properties in North London which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in North London should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Virgin Money, do North London conveyancing practitioners have to pay an annual charge to be on the conveyancing panel?
We are not aware of any bank fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
I opted to have a survey done on a house in North London ahead of instructing solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to grant a loan on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in North London. Conveyancing will be smoother if you use a solicitor in North London especially if they are acquainted with such properties in North London.
We are purchasing a 2 bedroom maisonettein North London with a residential mortgage from a mortgage company. We have selected a conveyancer in North London yet our lender inform us now that she’s not on their "panel". It seems we have little choice but to instruct one of the our mortgage company panel firms or keep our North London solicitor and incur the extra legals for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
No, not really. The mortgage company mortgage issued is subject to conditions, one of which will be that lawyers will on the mortgage company's conveyancing panel. in the past, most lenders had open panels, including almost all conveyancing solicitors in North London : a borrower could choose 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 lawyer to apply to be on the conveyancing panel for your bank.