I am in the process of selling my ground floor flat in Peckham and the EA has just e-mailed to warn that the buyers are switching law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a leading lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Peckham ?
UK lenders have always had panels of law firms they are willing 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 worked with them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – 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 says it is being contacted daily by practices 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 not going to have any impact on this.
My mortgage company has suggested solicitors on their panel based in Peckham but I would rather use a conveyancing lawyer in Peckham round the corner to me. Can you assist?
Far from all Peckham conveyancing solicitors are on all lender’s conveyancing panel. Use the above find an approved solicitor tool to choose a Peckham conveyancing firm on the on the bank panel.
What is the difference between a licensed conveyancer and conveyancing solicitor in Peckham
There are two types of lawyers who can perform conveyancing in Peckham namely licenced conveyancers or solicitors. Both professionals administer the legal services that required to complete the sale or acquisition of property. They are both required to handle Peckham conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be professionally carried out and that all necessary steps will be appropriately taken.
Forgive me if this question is silly but I am wet behind the ears as FTB of a ground floor flat in Peckham. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will instruct a High Street conveyancing solicitor in Peckham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to receive the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
Can I be sure that the Peckham conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Peckham seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor handling your transaction.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Peckham I like with open areas and station in the vicinity, however it's only got 61 years on the lease. There is not much else in Peckham for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
How difficult is it to swap solicitor as I need to choose a firm on the Godiva Mortgages Ltd conveyancing panel. I was using a high street conveyancing solicitor in Peckham five minutes from me but the firm is not approved by Godiva Mortgages Ltd
It would be our pleasure to help you select a conveyancing solicitor in Peckham on the Godiva Mortgages Ltd panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Peckham. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Peckham.
My son is just in the process of moving home, he had his mortgage in principle. One the offer was accepted on apartment we called the mortgage institution to move forward with his. We were very surprised to hear that banks do not accept all property lawyer, they need to be on their approved list, is this legal?
Lenders normally restrict either the type or the number of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Peckham conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.