I am one month into the sale of my house in Eastney and Southsea and the EA has just e-mailed to advise that the purchasers are appointing a new solicitor. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Eastney and Southsea ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
Would the conveyancing lawyers identified through your search tool handle right to buy conveyancing in Eastney and Southsea?
We have identified plenty of conveyancing solicitors who can service right to buy conveyancing Do call the lawyers listed with a view to obtain a costs calculation.
We note that you have a search directory identifying solicitors on the Santander conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Eastney and Southsea?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Eastney and Southsea.
It has been five months since my purchase conveyancing in Eastney and Southsea concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 am looking for a ground for flat up to £305k and found one near me in Eastney and Southsea I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Eastney and Southsea for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My 20yr old son is about to join the property ladder, the home loan was agreed last week in principle. When the seller agreed the offer on the flat we rang the building society to issue the formal offer. I was very surprised to learn that banks do not accept all conveyancing practitioner, they need to be on their approved list, is this right?
Lenders tend to imposes restrictions either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Eastney and Southsea conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.