I am progressing with the sale of my apartment in Gerrards Cross and Chalfont and the EA has just telephoned to say that the purchasers are switching solicitor. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their approved list. Why would a leading lender only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Gerrards Cross and Chalfont ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say 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. Plenty of firms 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 buyers are unlikely to have any sway in the decision.
My solicitor has discovered a a legal deficiency with the lease for the apartment we are purchasing in Gerrards Cross and Chalfont. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancer has advised that he must ensure that the lender is willing to move forward with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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 lawyer will have no choice but to discontinue acting for you.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Does this mean I have to appoint their panel conveyancer as I would much rather appoint a Gerrards Cross and Chalfont based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel lawyers where you accept the "fee-free" deal. Call the mortgage company and check if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor near Gerrards Cross and Chalfont.
My stepmother advised me that in purchasing a property in Gerrards Cross and Chalfont there may be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are anumerous of properties in Gerrards Cross and Chalfont which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Gerrards Cross and Chalfont should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Gerrards Cross and Chalfont solicitor practices on the RBS conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the RBS approved list of solicitors they would need to be governed by the SRA. The majority of banks do list licenced conveyancers on their panel in which case such practice would be overseen by the CLC.
Two weeks ago we had a mortgage agreed in principle with Skipton. Gerrards Cross and Chalfont conveyancing practitioners were selected. How long does it take for Skipton to issue the offer to the conveyancing practitioner?
There is no definitive answer here. Have Skipton done the survey? Have you informed Skipton as to your lawyers' details and checked that your lawyers are on the Skipton conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
five months have gone by since my purchase conveyancing in Gerrards Cross and Chalfont concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 decided to have a survey carried out on a house in Gerrards Cross and Chalfont in advance of appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor advised that some lenders will not give a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Gerrards Cross and Chalfont. Conveyancing will be smoother if you use a solicitor in Gerrards Cross and Chalfont especially if they are acquainted with such properties in Gerrards Cross and Chalfont.