I am selling my ground floor flat in Piccadilly and the estate agent has just text me to say that the buyers are switching solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. Why would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Piccadilly ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent 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 more than 25 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal 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. Some 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 buyers are unlikely to have any impact on this.
I have been advised by my conveyancer that chancel insurance is needed on my purchase. What is the level of cover for Piccadilly conveyancing?
The right level of chancel indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Barnsley Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I am currently in the process of buying my council flat in Piccadilly. I have a mortgage agreed with Co-operative. 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 use 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 Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
Completion of my remortgage has taken place for my property in Piccadilly. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved 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 with full details of your complaint.
I am downsizing from our house in Piccadilly and according to the buyers it appears that there is a risk of it being constructed on contaminated land. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers instructed an online conveyancing firm rather than a conveyancing solicitor in Piccadilly. Having lived in Piccadilly for 5 years we know that this is a non issue. Should we get in touch with our local Authority to obtain clarification that the buyers are looking for.
It sounds as though you may have a conveyancing solicitor currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
Are there restrictive covenants that are commonly identified as part of conveyancing in Piccadilly?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Piccadilly. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Piccadilly differ for newly converted properties?
Most buyers of new build property in Piccadilly contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Piccadilly typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Piccadilly or who has acted in the same development.
Are Piccadilly conveyancing solicitors duty bound by the Law Society to publish transparent conveyancing costs?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Piccadilly or beyond.