I am selling my flat in Kew and the EA has just telephoned to advise that the buyers are changing their solicitor. The reason given is that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Kew ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders justify this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 purchasers are not going to have any impact on this.
We are due to complete on the purchase of a property in Kew but as a consequence of wreckage from a small fire at the property I have managed to agree recompense from the seller of £2k in the form of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process yet RBS are not allowing this. Why were they notified?
The solicitor that is on the RBS conveyancing panel is obliged to disclose to RBS of any variations to the sale price. If you prohibit your lawyer to disclose the price change to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new solicitor for your conveyancing in Kew.
Is there a search tool that I can utilise to check that the solicitor conducting my conveyancing in Kew is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Birmingham Midshires thus spending £192.00 in further legal invoice.
You should make use of the find a conveyancing panel solicitor tool on this web page. Pick the lender and type ‘Kew’ or your location and you will discover a number of lawyer based in Kew or near you.
Are there restrictive covenants that are commonly picked up during conveyancing in Kew?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Kew. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm refinancing my primary house to a BTL mortgage with The Royal Bank of Scotland and I will use the rest of the raised equity towards another house. The area we are interested in is Kew. Will your lawyers be able to act for the two banks and link together the two deals?
Do use our search tool on this page to check that the lawyers are approved by both lenders. On the basis that they are the conveyancer will be able to connect the two transactions but you should talk with you conveyancer and specify your expectations and needs.
Our lawyer in Kew has discovered a defect with the lease for the property we are purchasing in Kew. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Kew conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the lender are the client. These conveyancing instructions must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company