My fiance and I are looking to acquire a property in Penge and are in fact using a Penge conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Platform Home Loans Ltd have this morning contacted us to inform me that there is now an issue as our Penge conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Penge solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
If you had a top tip for selecting a conveyancing solicitor in Penge what would it be?
We would encourage you not to go for the cheapest Penge conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
When it comes to lenders such as Virgin Money, do Penge conveyancing practitioners have to pay an annual charge to be on the list of approved solicitors?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
I am currently in the process of buying my council flat in Penge. I have a mortgage offer with Coventry BS. 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 Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
I am looking for a ground for flat up to £245,000 and identified one close by in Penge I like with open areas and transport links in the vicinity, the downside is that it's only got 61 years on the lease. I can't really find anything else in Penge suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
How do I use your search tool to find a conveyancing solicitor in Penge on the panel for my bank?
Step one is to choose a lender such as Santander, Coventry Building Society or Nottingham Building Society then specify your preferred area a common one being Penge. Conveyancing organisations in Penge and across England and Wales should be identified.
I need to find a conveyancing solicitor for my conveyancing in Penge. I've discover a site which looks to be the ideal offering If it is possible to get all the legals 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?
Is it true that a Penge conveyancing practice got sued by a client for not carrying out the appropriate conveyancing searches?
We are not aware of such a Penge conveyancing claim but it has been reported that, clients purchasing a property in Cumbria successfully won a claim against their conveyancer as a consequence of development plans to build a wind farm failing to be picked up in conveyancing searches.
Where you are buying in Penge It is critical that your conveyancer purchase all Penge conveyancing searches required to ensure you have relevant and current information ahead of buying a home in Penge.