Am I correct in assuming that the fact that my solicitor in Greenwich is not on my bank's conveyancing panel that there is a problem with the quality of his work?
That is more than likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Greenwich conveyancing firm and ask them why they are no longer on the approved list for your lender.
My Greenwich conveyancer has uncovered a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the conveyancing documents. My lawyer informs me that he is obliged to ensure that the bank is OK with this discrepancy and is still content to lend. Is my conveyancer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
When will exchange of contracts happen for residential conveyancing in Greenwich and do I need to attend the solicitors branch?
If you are round the corner to our conveyancing solicitors in Greenwich you are welcome to come in to sign the paperwork. That being said, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and give just as comprehensive and professional a job for you when communicating with you electronically. The executing of the sale agreement is not the critical part. A signed contract simply enables the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Greenwich)to be in the office at the appropriate time.
Will our conveyancer be making enquiries concerning flooding as part of the conveyancing in Greenwich.
Flooding is a growing risk for conveyancers dealing with homes in Greenwich. Some people will buy a property in Greenwich, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a number of searches that may be carried out by the buyer or on a buyer’s behalf which can give them a better appreciation of the risks in Greenwich. The conventional set of completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to find out whether the premises has suffered from flooding. If the property has been flooded in past which is not revealed by the seller, then a purchaser may commence a claim for damages as a result of such an misleading response. A buyer’s solicitors will also conduct an enviro search. This will indicate whether there is any known flood risk. If so, additional inquiries should be made.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Greenwich is where the house is located. Can you shed any light on this issue?
Flying freeholds in Greenwich are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Greenwich you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Greenwich may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.