I am progressing with the sale of my maisonette in London and the EA has just called to warn that the buyers are swapping conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a major mortgage company only deal with certain lawyers rather the firm that they want to appoint to handle their conveyancing in London ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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. Your purchasers are not going to have any impact on this.
I had intended to instruct a conveyancing solicitor in London for our house move. Our broker informed us that our bank Barclays won't deal with them. Surely this is unduly restrictive?
Lenders ordinarily restrict either the category or the number of conveyancing solicitors on their panel. A common example of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, some have reduced the number of firms they permit to act for them. Be aware that Barclays have no responsibility for the quality of advice provided by any member of Barclays Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels a few years ago even though there remains mixed opinions concerning the extent of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near London only perform one or two conveyances per annum.
Should commercial conveyancing searches reveal planned roadworks that may affect a commercial site in London?
Many commercial conveyancing solicitors in London will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in London. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in London.
For each commercial conveyancing transaction in London it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to London commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in London.
2 months have gone by following my purchase conveyancing in London took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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.
Due to the advice of my in-laws I had a survey completed on a house in London prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some lenders may refuse to issue a loan on such a house.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in London. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been sourcing a conveyancing solicitor in London for my house move. Is it possible to see a solicitor's complaints history with the legal regulator?
One can search for presented Solicitor Regulator Association (SRA) decisions resulting from investigations started on or after Jan 2008. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The regulator sometimes recorded call for training purposes.