I am selling my maisonette in Kingston and the estate agent has just called to say that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in Kingston ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. Your purchasers are not going to have any sway in the decision.
We intend to purchase a purpose built apartment in Kingston with a homeloan from Platform Home Loans Ltd.We use our Kingston conveyancing lawyer but Platform Home Loans Ltd advised that she’s not listed on their "panel". It seems we have little choice but to instruct a Platform Home Loans Ltd panel solicitor or retain our local solicitor and fork out for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Platform Home Loans Ltd use our lawyer?
Unfortunately,no. The loan offered to you contains terms and conditions, one of which will be that conveyancers needs to be on the Platform Home Loans Ltd approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
The deeds to my property can not be found. The conveyancers who did the conveyancing in Kingston 4 years ago are no longer around. Will I be able to sell the house?
You no longer need to have the physical original deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I'm buying a new build house in Kingston with a mortgage from Birmingham Midshires. The sellers refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not reveal to my lawyer about the side-deal as it would impact my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Kingston is where the house is located. Is there any advice you can give?
Flying freeholds in Kingston are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Kingston you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Kingston 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 property.
I have been sourcing a conveyancing practitioner in Kingston for my sale. Is it possible to review a firm’s complaints history with the legal regulator?
Members of the public may search for published Solicitor Regulator Association (SRA) decisions arising from investigations commenced on or after Jan 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may recorded call for training purposes.