My husband and I are purchasing a 2 bedroom apartment in Knightsbridge with a mortgage. We like our Knightsbridge lawyer, but the lender advise she’s not on their "panel". It appears that we have no choice but to appoint one of the bank panel solicitors or retain our Knightsbridge property lawyer and pay for one of their panel lawyers to act for them. We consider that this is unjust; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’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 Knightsbridge conveyancing lawyer to apply to be on the conveyancing panel.
Will our solicitor be raising enquiries concerning flooding as part of the conveyancing in Knightsbridge.
The risk of flooding is if increasing concern for solicitors dealing with homes in Knightsbridge. There are those who buy a property in Knightsbridge, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous checks that may be carried out by the buyer or by their conveyancers which should figure out the risks in Knightsbridge. The standard completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the owner to determine if the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the owner, then a purchaser could bring a compensation claim resulting from an inaccurate response. The buyer’s lawyers will also carry out an enviro search. This should reveal if there is a recorded flood risk. If so, additional inquiries will need to be carried out.
How does conveyancing in Knightsbridge differ for newly converted properties?
Most buyers of new build property in Knightsbridge come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Knightsbridge usually purchase 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 conveyancers 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 Knightsbridge or who has acted in the same development.
Am I best advised to use a Knightsbridge conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can perform the conveyancing however her office is over three hundred miles away.
The primary upside of using a local Knightsbridge conveyancing firm is that you can pop in to sign documents, present your ID and pester them if necessary. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must trump using an unfamiliar Knightsbridge conveyancing lawyer just because they are round the corner.
My fiance and I are planning to purchase a four room bungalowin Knightsbridge with a home loan from a bank. We have a conveyancer in Knightsbridge however our bank says he's not on their "panel". We have to appoint one of the our mortgage company panel solicitors or keep our Knightsbridge conveyancer and pay for one of their panel ones to represent our mortgage company. We feel as though this is unjust; Can we not simply insist that our bank use our Knightsbridge lawyer?
Unfortunately,no. The lender mortgage offered to you is subject to conditions, one of which will be that lawyers will on the bank's conveyancing panel. Until recently, most banks had open panels, including many conveyancing solicitors in Knightsbridge : a mortgagee 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.