Is the fact that my conveyancer in North East London is not identified on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s work?
That would most likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the North East London conveyancing firm and enquire why they are no longer on the approved list for your lender.
I am approaching an exchange on a flat in North East London and my parents have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has not come from me my solicitor needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your solicitor is legally required to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Are there restrictive covenants that are commonly picked up as part of conveyancing in North East London?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in North East London. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Due to the guidance of my in-laws I had a survey completed on a property in North East London prior to retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. Our surveyor has said that some banks will not give a mortgage on such a home.
It depends who your proposed lender is. Lloyds has different requirements for example to Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in North East London. Conveyancing will be smoother if you use a solicitor in North East London especially if they are acquainted with such properties in North East London.
How easy is it to change a solicitor as I need to find a North East London based firm who is on the mortgage company conveyancing panel. Is it advisable to appoint a new law firm?
In the event that you have not formally appointed a conveyancer to start work and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in North East London that you're thinking of instructing.