My husband and I are hoping to purchase a flat in Osterley Park and are in fact using a Osterley Park conveyancing firm. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Lloyds TSB Bank have this morning contacted us to inform me that they have now hit a problem as our Osterley Park solicitor is not on their conveyancing panel. Is this a problem?

Where you are buying a property needing a mortgage it is standard 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Osterley Park solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.

What does my ID and proof of funds have anything to do with my conveyancing in Osterley Park? What am I being asked for?

Osterley Park conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under money laundering regulations to verify the ID of any client in order to satisfy themselves that clients are who they say they are.

Conveyancing clients are required to produce two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and proof of address (typically a Bank Statement no older than three months).

Proof of source of monies is also necessary under the money laundering regulations as conveyancers are mandated to ensure that the monies you are using to buy a property (be it the exchange deposit or the full purchase monies if you are buying mortgage free) has come from an acceptable source (such as employment savings) as opposed to the fruits of illegitimate activity.

I am considering refinancing my home in Osterley Park, does my lawyer have to be on the Leeds Building Society Conveyancing panel?

In theory, you could use a solicitor that is not on the Leeds Building Society conveyancing panel, but Leeds Building Society would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

Will commercial conveyancing searches reveal proposed roadworks that may affect a commercial premises in Osterley Park?

Its becoming the norm that commercial conveyancing solicitors in Osterley Park will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Osterley Park. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Osterley Park.

For every commercial conveyancing transaction in Osterley Park it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could result in delays to Osterley Park commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Osterley Park.

What are your top tips when it comes to finding a Osterley Park conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for lease extension works (regardless if they are a Osterley Park conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non Osterley Park conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:

Can they put you in touch with clients in Osterley Park who can give a testimonial?

I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Osterley Park conveyancing firm to act on my behalf?

Where there is a missing landlord or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the Leasehold Valuation Tribunal to make a decision on the sum to be paid.

An example of a Freehold Enfranchisement matter before the tribunal for a Osterley Park flat is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.