I am selling my ground floor flat in Poplar and the estate agent has just text me to say that the purchasers are changing their conveyancer. The excuse is that the lender will only work with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Poplar ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies attribute this action to a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
My husband and I are approaching an exchange on a house in Poplar and my mum and dad have transferred the exchange deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my mortgage company. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company regarding my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
The conveyancing practitioner is legally required to check with mortgage company to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Have just purchased a repossessed house at auction in Poplar. Conveyancing is needed. What are my next steps?
Having for in every practical sense signed on the dotted line you now have to find a conveyancing lawyer soon as you are facing a tight deadline in which to complete the deal. Every auction property will ordinarily have a corresponding legal pack. This should include most,if not all of the paperwork that your conveyancer requires. Where you are dealing with leasehold premises the conveyancing papers may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to pass this on to the conveyancer working for you as soon as possible. Do make sure that that you have the requisite funding in order to complete on the on the contractual date .
is it true that all Poplar solicitor practices on the Aldermore conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Aldermore conveyancing panel they would need to be regulated by the SRA. The majority of mortgage companies do list licenced conveyancers on their panel in which case such practice would be governed by the CLC.
I have paid off my mortgage with Bank of Ireland. I assume I don't need a Poplar solicitor on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
The deeds to our home are lost. The conveyancers who handled the conveyancing in Poplar 4 years ago have long since closed. What are my options?
As long as the title is registered the information relating to your ownership will be documented by HMLR with a Title Number. It is possible to execute a search at the Land Registry, find your property and get up to date copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be ordered for a small fee.
I am looking for a ground for flat up to £195,000 and found one close by in Poplar I like with open areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Poplar suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer 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 can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I need to retain a conveyancing solicitor for remortgage conveyancing in Poplar. I have land on a site which seems to have the perfect answer If there is a chance to get all the legals done via web that would be preferable. Should I 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?