I am in the process of selling my home in Norwood and the estate agent has just text me to warn that the buyers are switching law firm. The excuse is that the bank will only work with property lawyers on their approved list. Why would a big named lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Norwood ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. 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.
I just acquired a property at auction in Norwood. Conveyancing is needed. What happens now?
Now that you have exchanged you now have to hire the services of a conveyancing solicitor quickly as you are faced with a pending a fixed date to complete the purchase. An auction property will ordinarily have an associated legal set of papers. This will likely include evidence of title and search results. If you have purchased leasehold premises the auction pack should include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to a leasehold property. You need to hand this to the lawyer working for you ASAP. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
Is it correct that all Norwood CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing panel?
A selection of lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.
The formalities of my purchase has taken place for my property in Norwood. Conveyancing was of an acceptable standard but I would like to complain about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Should commercial conveyancing searches reveal planned roadworks that may impact a commercial land in Norwood?
Its becoming the norm that commercial conveyancing solicitors in Norwood will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Norwood. 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 Norwood.
For each commercial conveyancing transaction in Norwood it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can result in delays to Norwood commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Norwood.
Due to the guidance of my in-laws I had a survey completed on a house in Norwood before instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some lenders will not give a mortgage on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Norwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Norwood to see if the conveyancing costs will increase in light of this.
Hoping to buy a property located in Norwood and I am already nervous. I couldn't find anything specific about Norwood. Conveyancing will be needed in due course but do you know about the Norwood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Norwood. In the meantime here are some basic statistics that we found
I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Norwood. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in Norwood are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are purchasing in Norwood so you should seriously consider shopping around for a Norwood conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your lawyer will appraise you on the various issues.
Norwood Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
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Where a Norwood lease has no more than eighty years it will have adverse implications on the value of the apartment. Check with your mortgage company that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will be required to have been the owner of the property for two years in order to be entitled to carry out a lease extension. How many of the leaseholders are in arrears for their service charge payments?