I am nearing exchange of contracts for my flat in North Wembley and the EA has just called to say that the buyers are swapping conveyancer. The excuse is that the bank will only deal with solicitors on their approved list. Why would a major lender only work with specific lawyers rather the firm that they want to choose to handle their conveyancing in North Wembley ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say 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. Some 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.
Me and my partner are buying a apartment in North Wembley. It might be a silly question but how we can trust a lawyer? On the day of competition we have to deposit money into their account. What is the protection we have from them run away with our deposit?
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 helping my mother sell her house in North Wembley. Will the conveyancer commission an energy assessment or it is for the owner to see to?
After the demise of Home Information Packs, energy performance certificates remained a compulsory part of selling a house. An energy performance certificate must be to hand prior to the property being marketed. It is not something that law firms normally organise. If you are instructing a North Wembley conveyancing solicitor they may be able to arrange energy performance certificates given their relationships with reputable local energy assessors
Planning on purchasing a apartment in North Wembley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the North Wembley solicitor is on the Virgin Money conveyancing panel.
I purchased a semi-detached Edwardian house in North Wembley. Conveyancing lawyer acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the exact same property. Is it worth asking Bank of Ireland to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Wembley and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing solicitor who completed the work.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. North Wembley is the location of the property. What do you suggest?
Flying freeholds in North Wembley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in North Wembley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Wembley may decide 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.
Am I best advised to instruct a North Wembley conveyancing practitioner who is local to the property I am purchasing? An old friend can conduct the legal work but his firm is located 400kilometers drive away.
The primary upside of using a local North Wembley conveyancing firm is that you can attend the office to execute documents, deliver your ID and pester them where appropriate. They will also have local intelligence which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and they were happy that should surpass using an unfamiliar North Wembley conveyancing solicitor just because they are based in the area.
Should I cancel my mortgage payments with HSBC as soon as a completion date for my sale in North Wembley has been agreed?
You would be well advised to maintain meeting any mortgage sums to HSBC pending the mortgage being redeemed out of the proceeds of sale as part of your North Wembley conveyancing.