I am in the process of selling my maisonette in Hornchurch and the EA has just e-mailed to advise that the purchasers are switching property lawyer. The excuse is that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Hornchurch ?
Banks have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase in fraud as the reason for the reduction – 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 claims that it is being contacted daily by practices 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. The purchasers are unlikely to have any impact on this.
I do hope you can help me. My Hornchurch solicitor is advising me that she is duty bound toorder Hornchurch conveyancing searches resulting from the fact thatthe firm are on the Virgin Moneyapproved lawyer panel. Do I not have a choice here?
Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Hornchurch conveyancing searches.
A colleague advised me that in buying a property in Hornchurch there could be various restrictions preventing external alterations to a property. Is this right?
There are anumerous of properties in Hornchurch which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Hornchurch should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Does a directory service exist listing Virgin Money panel solicitors in Hornchurch on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association sites. A small selection of lending institutions make their panel listings visible over the internet. Where you are in need of a Hornchurch conveyancer on the Virgin Money please use our facility.
Nationwide have agreed my mortgage in principle, my bid on a apartment in Hornchurch has been accepted, what are the next steps?
Your property agent will wish to be informed of your solicitor's details (make sure the conveyancing practitioners are on the lender’s approved list). Call up Nationwide or your broker and finish off any appropriate paperwork. Nationwide will appoint a valuer who will get in touch with the estate agent or vendor to book a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Nationwide will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hornchurch.
What will a local search reveal about the property my wife and I buying in Hornchurch?
Hornchurch conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search is essential in every Hornchurch conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
What does commercial conveyancing in Hornchurch cover?
Hornchurch conveyancing for business premises incorporates a broad range of guidance, given by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
We have selected a Hornchurch conveyancing solicitor for our home move (first time buyers) and have picked up in the Ts and Cs that they are not governed by the Financial Conduct Authority. Should I be worried or is that standard with solicitor?
We can't see why they should be. Most lawyer don't lend money. You should check that they are governed by the SRA, who set specific laws in relation to funds deposited on client account.