I am selling my home in Hampton Wick and the estate agent has just telephoned to advise that the buyers are swapping solicitor. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only deal with specific law firms rather the firm that they want to choose for their conveyancing in Hampton Wick ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 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. Your buyers are not going to have any sway in the decision.
My conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Hampton Wick. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. These conveyancing instructions must be adhered to.
I have been told that property searches are a common reason for delay in Hampton Wick house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any delay in conveyancing in Hampton Wick.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Hampton Wick is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hampton Wick are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hampton Wick you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hampton Wick may decide 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.
Is there anything unique about your site and other online quote calculators when it comes to conveyancing in Hampton Wick?
At this site get a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Hampton Wick. Unlike many estate agents and brokerage sites we do not charge firms a fee if you choose them for your conveyancing in Hampton Wick
I need to appoint a conveyancing solicitor for leasehold conveyancing in Hampton Wick. I happened to stumble across a site which seems to have the perfect solution If there is a chance to get all the legals completed via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?