I am one month into the sale of my maisonette in Kingsnorth and the EA has just called to advise that the purchasers are swapping law firm. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a big named lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Kingsnorth ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
My partner and I are buying a newly constructed flat in Kingsnorth and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Do banks and building societies provide you with an approved list of Kingsnorth conveyancing solicitors? How do you know who is on the HSBC conveyancing panel?
Kingsnorth conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Will our conveyancer be making enquiries concerning flooding as part of the conveyancing in Kingsnorth.
The risk of flooding is if increasing concern for lawyers dealing with homes in Kingsnorth. Some people will acquire a property in Kingsnorth, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their solicitors which can give them a better understanding of the risks in Kingsnorth. The conventional set of information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to discover if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a purchaser could issue a legal claim for losses stemming from an inaccurate answer. The purchaser’s solicitors may also commission an environmental report. This will disclose whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
Over the last few months I have been searching for a flat up to £245,000 and identified one near me in Kingsnorth I like with a park and railway links nearby, however it only has 49 years unexpired on the lease. There is not much else in Kingsnorth in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
My father-in-law has encouraged me to use his lawyers for conveyancing in Kingsnorth. Do I follow his advice?
There are no two ways about it it’s preferable to select a conveyancing lawyer is to get guidance from friends or relatives who have used the firm that you are contemplating using.