I am progressing with the sale of my home in Bromley and the estate agent has just text me to say that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named mortgage company only work with specific law firms rather the firm that they want to select to handle their conveyancing in Bromley ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. Your purchasers are unlikely to have any sway in the decision.
We see that you have a post code search directory listing firms on the Coventry BS conveyancing panel. Do companies pay you a commission if I appoint them for our conveyancing in Bromley?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bromley.
If you had a top tip for selecting a conveyancing solicitor in Bromley what would it be?
It would be unwise to be swayed by the lowest Bromley conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I happen to be the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the my former home in Bromley. The Bromley property was put into my name in October. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership will be treated the same way as if I'd bought the property in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. Most banks would take a practical view as this clause is primarily there to pick up on the purchase and immediately sell or the flipping of property.
Kent Reliance have agreed my mortgage in principle, my offer on a apartment in Bromley has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the lawyers are on the lender’s approved list). Contact Kent Reliance or your financial adviser and finish off any outstanding paperwork. Kent Reliance will appoint a valuer who will get in contact with the estate agent or seller to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes approximately a week to get a mortgage offer. Kent Reliance will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bromley.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bromley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Bromley. 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 input of my in-laws I had a survey completed on a house in Bromley before appointing conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some banks tend refuse to issue a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions for example to Halifax. Should you wish to call us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bromley. Conveyancing will be smoother if you use a solicitor in Bromley especially if they are acquainted with such properties in Bromley.
What does commercial conveyancing in Bromley cover?
Bromley conveyancing for business premises covers a broad array of advice, offered by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.