I am nearing exchange of contracts for my house in Leatherhead and the estate agent has just called to warn that the buyers are appointing a new solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only work with certain solicitors rather the firm that they want to appoint for their conveyancing in Leatherhead ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the cull – criteria have been narrowed 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 says it is hearing daily from firms 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 buyers are unlikely to have any sway in the decision.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would prefer to instruct a specialised conveyancing solicitor in Leatherhead?
Do check but the chances are that appoint one of their panel solicitors should you want the "fee-free" incentive. Contact the bank to determine if they make available a cash alternative. Some banks have previously offered a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Leatherhead.
three months have elapsed since my purchase conveyancing in Leatherhead concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. 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 residence 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Leatherhead I like with amenity areas and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Leatherhead suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Are there any apps to assist me to search for a Leatherhead law firm on the HSBC Bank conveyancing panel? I have a car and am prepared to travel upto 25kilometers to meet the solicitor.
You can use the facility on this page. Please choose the mortgage company and your location and you will see a number of Leatherhead conveyancing lawyers based on proximity. We have detailed some Leatherhead conveyancing firms at the bottom of this page and you can ring them to see whether they are on the HSBC Bank member panel
My wife and I have just had an offer accepted on a flat and had meeting on Tuesday with Leeds Building Society for the mortgage. They advised me that when it comes to appointing a conveyancing practitioner that if they are not on their approved list of solicitors then we will be subject to an an extra charge of about two hundred pounds. This is is due to the fact that they would then have to appoint a solicitor to act on their behalf as well as the one we appoint on our behalf and we are liable for their costs. I have requested Leeds Building Society to furnish me with a list so I can request quotes only from their approved conveyancers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask Leeds Building Society what their panel criteria is for a solicitor.Thereafter ask the property lawyer of your choice whether they meet the criteria and have they acted on mortgages for Leeds Building Society in the past. If the answer to those is yes, then just clarify this with Leeds Building Society. Alternatively please use our search tool and we should be able to locate a conveyancer in Leatherhead on the panel for Leeds Building Society.