I am one month into the sale of my house in North Ockendon and the estate agent has just telephoned to warn that the purchasers are switching solicitor. The reason given is that the lender will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in North Ockendon ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lending institutions attribute this action to a rise in fraud as the reason for the cull – criteria have been tightened 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 claims that it is hearing daily from firms 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 purchasers are unlikely to have any sway in the decision.
My husband and I swapping mortgage lender for our apartment in North Ockendon with Lloyds. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this document specific to the Lloyds conveyancing panel as he did not need to sign this form when we bought 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Lloyds conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Lloyds. This is solely used to protect Lloyds if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Lloyds had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
My wife and I are buying a apartment in North Ockendon. It might be a silly question but how we can trust a lawyer? At some point we have to send our life savings into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am currently in the process of buying my council flat in North Ockendon. I have a mortgage offer with Bank of Ireland. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Santander have agreed my home loan in principle, my bid on a house in North Ockendon has been agreed to, what are the next steps?
Your property agent will wish to know who your solicitors are (be sure the property lawyers are on the bank’s approved list). Call up Santander or the broker and finish off any relevant documentation. Santander will instruct a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to take place. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Santander will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in North Ockendon.
I have been told that property searches are the number one cause of stalling in North Ockendon conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in North Ockendon.
How does conveyancing in North Ockendon differ for newly converted properties?
Most buyers of new build property in North Ockendon contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in North Ockendon usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in North Ockendon or who has acted in the same development.
I need to instruct a conveyancing solicitor for leasehold conveyancing in North Ockendon. I happened to chance upon a site which appears to be the perfect answer If there is a chance to get all this stuff done via web that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?