I am one month into the sale of my flat in Lea Bridge and the estate agent has just telephoned to advise that the purchasers are appointing a new conveyancer. The excuse is that the mortgage company will only engage with solicitors on their approved list. On what basis would a major mortgage company only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Lea Bridge ?
Lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks point to the increase in fraud as the reason for the cull – criteria have been tightened 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 says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 buyers are unlikely to have any impact on this.
When will exchange of contracts occur in residential conveyancing in Lea Bridge and do I need to attend the solicitors branch?
If you are near to one of the conveyancing solicitors in Lea Bridge you are welcome to attend to sign documents. That being said, the law practices we recommend offer countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you by post or email. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the firm to exchange contracts when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Lea Bridge)to be in the office at the appropriate time.
We wanted to use a property lawyer in Lea Bridge for our house move. Our broker informed us that our mortgage company Platform Home Loans Ltd won't deal with them. Why is this not regarded as unfair competition?
A bank will direct that a panel solicitor act for it. You would be expected to bear the cost of this. Do use our search facility to find a solicitor to carry conveyancing in Lea Bridge on the Platform Home Loans Ltd member panel.
It has been 3 months following my purchase conveyancing in Lea Bridge took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Lea Bridge is the location of the property. Can you shed any light on this issue?
Flying freeholds in Lea Bridge are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Lea Bridge you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lea Bridge 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 residence.
My brother has encouraged me to use his conveyancers in Lea Bridge. Do I take his advice?
No doubt the best way to choose a conveyancing solicitor is to seek referrals from friends or relatives who have experience in using the conveyancer that you are contemplating using.