I can't travel far from Common Edge. I would like to know the logic why all Common Edge lawyers are not on all lender panels?

Mortgage Companies tend to restrict either the nature or the number of conveyancing practices on their panel. A common example of such criteria being that a organisation is required to have at least two partners. As well as restricting the type of firm, some banks made a decision to restrict the size of their panel they permit to act for them. You should note that mortgage companies have no accountability for the quality of conveyancing provided by any Common Edge lawyer on their approved list. Mortgage fraud was the key driver in the reduction of conveyancing panels in the last decade even though there are opposing points of view about whether solicitors sat at the center of that fraud. Statistics via HMLR exposes that thousands of conveyancing practices only transact less than three conveyances annually. Those supporting conveyancing panel pruning question why law firms should have claim to be on a conveyancing panel when it is evident that property law is not their speciality?

It has been 4 months following my purchase conveyancing in Common Edge took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I'm remortgaging my primary house to a BTL loan with Santander and I will use the ballance of the raised equity as a deposit on a second house. The location we are talking about is Common Edge. Will your conveyancers be able to act for both sets of mortgage companies and link together the two deals?

Do use our search tool on this page to ensure that the conveyancers are on the relevant lender panels. Having checked that they are the lawyer should be able to connect the two deals but you should talk with you conveyancer and make clear your expectations and requirements.

What makes a Common Edge lease unacceptable for security purposes?

There is nothing unique about leasehold conveyancing in Common Edge. All leases are individual and drafting errors can result in certain provisions are missing. The following missing provisions could result in a defective lease:

Repairing obligations to or maintain elements of the property

You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Leeds Building Society, and Platform Home Loans Ltd all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.

Leasehold Conveyancing in Common Edge - Examples of Questions you should ask before buying

Best to be warned whether redecorating or some other significant cost is due shortly to be shared between the leaseholders and could well materially increase the the maintenance fees or necessitate a one time invoice. Plenty Common Edge leasehold apartments will be liable to pay a service charge for the upkeep of the block invoiced on behalf of the freeholder. Should you acquire the apartment you will have to meet this liability, usually periodically throughout the year. This may be anything from two or three hundred pounds to thousands of pounds for buildings with lifts and large common grounds. In all likelihood there will be a rentcharge for you to pay yearly, ordinarily this is not a exorbitant amount, say about £50-£100 but you should to check as sometimes it can be surprisingly expensive. Is anyone aware of any major works in the near future that will increase the maintenance charges?

Myself and my wife have just had an offer agreed on a apartment and had meeting on Wednesday with HSBC for the mortgage. They have informed us that when it comes to appointing a lawyer that unless they are on their approved panel of property lawyers then we will be subject to an an additional fee of £200. This is because they would then have to select a property lawyer to act for them in addition to the one we choose to act on our behalf and we assume responsibility for their costs. I have requested HSBC to send me with a list so I can seek quotes only from their approved lawyers but was told that I need to check with each individual conveyancer to see if they are on the panel. Is there a simple way of finding out who is on a lender panel?

You should ask HSBC what their panel criteria is for a conveyancer.Thereafter ask the conveyancing practitioner of your choice whether they fit that criteria and have they acted on loans for HSBC previously. If the answer to those is yes, then just double check with HSBC. Alternatively please make use of our search facility and we should be able to find you a lawyer in Common Edge on the panel for HSBC.