I am one month into the sale of my ground floor flat in Osterley and the EA has just e-mailed to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with specific law firms rather the firm that they want to select to handle their conveyancing in Osterley ?
Mortgage companies have always had an approved set of law firms that can represent them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 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. Your purchasers are unlikely to have any sway in the decision.
We wanted to use a conveyancing solicitor in Osterley for our house purchase. Our financial adviser has since notified us that our mortgage lenders Platform Home Loans Ltd won't deal with them. Surely this is unfair competition?
A mortgage company may insist on a panel conveyancer act for it. You would be liable to meet the cost of this. Try using our tool to get a quote from a solicitor to conduct conveyancing in Osterley on the Platform Home Loans Ltd conveyancing panel.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one near me in Osterley I like with amenity areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Osterley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Do I need to be concerned that third parties that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Osterley conveyancing company?
As with many professional services, often referrals from connections can be very helpful. But there are numerous people with a vested interest in a conveyancing deal; estate agents, financial adviser and banks may put forward lawyers to select. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to select your preferred lawyer. However, bear in mind that some mortgage providers specify a panel list of law firms you have to use for the lender related work in your conveyancing.
Am I best advised to instruct a Osterley conveyancing lawyer based in the area that I am buying? We have a good friend who can handle the legal work however they are based approximately 350miles drive away.
The primary upside of using a local Osterley conveyancing firm is that you can pop in to execute paperwork, hand in your identification documents and pester them if necessary. They will also have local intelligence which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must trump using an unfamiliar Osterley conveyancing lawyer just because they are based in the area.
My husband and I are acquiring a studio flat in Osterley. When we first instructed lawyer, we were told they were on all mainstream mortgage company panels. Our mortgage broker contacted us today to say that they are not on the Leeds Building Society approved list. Should that be true, what should we do? Should we just choose a different solicitor that is on their panel or do we cover the costs for dual representation, with Leeds Building Society selecting their own preferred conveyancer.
When acquiring a property with the benefit of a mortgage it is usual for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the conveyancing practitioner has to fulfill. Some lenders now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact Leeds Building Society to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Leeds Building Society's conveyancing panel and you may continue to use your own Osterley solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.