My wife and I are hoping to purchase a flat in Palmers Green and are in fact using a Palmers Green conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our Palmers Green conveyancer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Palmers Green solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Our Palmers Green conveyancer has discovered an inconsistency between the information in the valuation survey and what is in the conveyancing documents. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Can you explain why leasehold purchase conveyancing in Palmers Green is more expensive?
In summary, leasehold conveyancing in Palmers Green and North London usually necessitates additional hours of investigation compared to freehold transactions. This includes reviewing the lease, liaising with the landlord about the service of appropriate notices, obtaining up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different owners have owned the lease since it was first entered into.
My wife and I purchased a terraced Victorian house in Palmers Green. Conveyancing lawyer acted for me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Palmers Green and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
How does the Landlord & Tenant Act 1954 affect my business offices in Palmers Green and how can you help?
The particular law that you refer to gives a safeguard to commercial leaseholders, giving them the dueness to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Palmers Green is one of the many areas of the UK in which our lawyers have offices