My husband and I are hoping to acquire a property in Camden Town and have appointed a Camden Town conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Lloyds TSB Bank have this evening contacted us to advise us that they have now hit a problem as our Camden Town solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also represent the mortgage company. 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 Quality Scheme. Your property lawyer 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Camden Town solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Do banks and building societies provide you with an approved list of Camden Town conveyancing solicitors? How do you know who is on the TSB conveyancing panel?
Camden Town conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
Should commercial conveyancing searches disclose planned roadworks that may impact a commercial premises in Camden Town?
Many commercial conveyancing solicitors in Camden Town will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Camden Town. 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 Camden Town.
For each commercial conveyancing transaction in Camden Town it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Camden Town commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Camden Town.
I'm converting the mortgage on my primary property to a BTL mortgage with HSBC Bank and I will use the rest of the raised equity towards a second property. The neighborhood we are interested in is Camden Town. Will your lawyers be able to act for both sets of mortgage companies and tie in the transactions?
Make use of our comparison tool on this site to check that the lawyers are approved by both lenders. Assuming that they are the solicitor should be able to tie up the two transactions but you should have a chat with you solicitor and communicate your expectations and needs.
When it comes to my conveyancing in Camden Town should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Camden Town conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.