I am 4 weeks into the sale of my house in Pentonville and the EA has just called to warn that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only work with certain law firms rather the firm that they want to choose for their conveyancing in Pentonville ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Pentonville so that I can attend their offices when needed.
Whereas this was necessary 12 years ago, most mortgage companies no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to supply ID documents and there are still manifest benefits to choosing a local practitioner, in your situation a conveyancing solicitor in Pentonville.
I have been told that property searches are the primary reason for hinderance in Pentonville conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any holding up conveyancing in Pentonville.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a simple, no chain conveyancing. Pentonville is where the house is located. Can you shed any light on this issue?
Flying freeholds in Pentonville are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pentonville you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pentonville 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.
I need to appoint a conveyancing solicitor for freehold conveyancing in Pentonville. I've stumble across a web site which looks to be the perfect offering If there is a chance to get all the legals completed via phone that would be ideal. Do I need to be wary? What are the potential pitfalls?
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?
My mortgage broker has suggested using their lawyer for our conveyancing in Pentonville - won’t it be easier to just instruct them?
You need to establish if the selling agent is recommending a solicitor or introducing to a solicitor. There are plenty of Pentonville estate agents who recommend two or three Pentonville conveyancing firms purely based on those lawyers offering a great service.