My husband and I are buying a 2 bedroom flat in Tottenham with a mortgage. We would like to retain our Tottenham solicitor, however the lender advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Tottenham conveyancing practitioner as well as pay for one of their panel ones to act for them. This feels very unfair; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: 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. Another option that might be available is for your Tottenham conveyancing solicitor to apply to be on the conveyancing panel.
How do I investigate if the solicitor handling my conveyancing in Tottenham is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Yorkshire Building Society thus paying £187.00 plus VAT in another set of conveyancing bill.
You should make the most of the search tool on this web page. Pick the mortgage company and type ‘Tottenham’ or your location and you will be presented with numerous solicitors based in Tottenham or nearest you.
It has been 3 months since my purchase conveyancing in Tottenham took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Tottenham differ for newly converted properties?
Most buyers of new build or newly converted property in Tottenham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Tottenham typically buy the site, 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 conveyancing solicitors 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 Tottenham or who has acted in the same development.
I have recently placed an offer on an apartment in Tottenham and the broker that we are using recommended his conveyancing practitioner. She quoted £800 including VAT and disbursements. Does this sound steep?
You should not rely on a single estimate. You should seek like-for-like quotes for your conveyancing in Tottenham. Then pick one that you trust and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.