I am in the process of selling my maisonette in Archway and the EA has just telephoned to warn that the purchasers are swapping property lawyer. The reason given is that the bank will only work with solicitors on their approved list. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Archway ?
Lenders have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
Our lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Archway. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must be satisfied that the bank is content with this solution. Who is the client here, us or the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
My wife and I own a terraced Edwardian property in Archway. Conveyancing solicitor acted for me and National Westminster Bank. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same property. Is it worth asking National Westminster Bank to clarify?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Archway and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing lawyer who carried out the work.
How does conveyancing in Archway differ for newly converted properties?
Most buyers of new build premises in Archway come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Archway usually buy the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Archway or who has acted in the same development.
Are there any apps to help identify a Archway law firm on the Virgin Money conveyancing panel? I have a car and am prepared to travel upto 25miles to meet the conveyancer.
You can use the facility on this website. Please pick a bank and your location and you will see a number of Archway conveyancing lawyers located nearest you. We have listed some Archway conveyancing firms towards the end of this page and you can ring them to verify if they are on the Virgin Money approved list
I need to instruct a conveyancing practitioner in Archway for my remortgage. Can I see a solicitor's record with the legal regulator?
Anyone may read documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may monitor call for training requirements.