I am progressing with the sale of my ground floor flat in Kew and the estate agent has just e-mailed to advise that the purchasers are switching property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to appoint for their conveyancing in Kew ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. 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. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
What will a local search tell me about the property my wife and I purchasing in Kew?
Kew conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example PSG The local search is essential in every Kew conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications applicable 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 thirteen topic areas.
I have justbeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in Kew for a purchase of a leasehold flat 12 months ago. How can I establish that my home is in my name in the name of the previous owner?
The easiest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kew conveyancing specialists.
How does conveyancing in Kew differ for new build properties?
Most buyers of new build premises in Kew come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Kew usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Kew or who has acted in the same development.
I opted to have a survey done on a property in Kew prior to instructing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some lenders may not grant a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kew. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kew to see if the conveyancing will be more expensive.
Me and my husband are selling a Kew flat we inherited six years ago in 2011. I have over ten years conveyancing experience and, now retired, wish to carry out the legal work. The purchaser's property lawyer has informed me that their mortgage company will not allow us to do our own conveyancing as they require the funds to be sent to a solicitor's bank account.
Mortgage instructions to property lawyers from all mainstream lenders state that If the seller does not have legal representation the purchaser’s lawyers should check whether the lender needs to be notified so that a decision can be reached as to whether they are prepared to move forward.