My fiance and I are planning to purchase a flat in Rotherhithe and are in fact using a Rotherhithe conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this evening contacted us to inform me that there is now an issue as our Rotherhithe solicitor is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is standard 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Rotherhithe solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Can you help? My Rotherhithe conveyancer is advising me that he has toconduct Rotherhithe conveyancing searches resulting from the fact thatthe firm are on the Lloydsapproved lawyer panel. These Rotherhithe searches cost a lot of money can this be avoided?
You have limited options available to you. As you are taking a mortgage with a bank your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Rotherhithe conveyancing searches.
As someone not used to the Rotherhithe conveyancing process what’s your top tip you can give me concerning the house moving process in Rotherhithe
Not many law firms or advisers will tell you this but conveyancing in Rotherhithe and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists an abundance of opportunity for confrontation between you and others involved in the transaction. For instance, the seller, estate agent and on occasion the lender. Selecting a law firm for your conveyancing in Rotherhithe an important selection as your conveyancer is your adviser, and is the ONE party in the process whose role it is to protect your best interests and to keep you safe.
There is a distinct increase in the "blame" culture- someone must be at fault for the process taking so long. We recommend that you your first instinct should be to trust your lawyer ahead of all other parties in the home moving process.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to use their panel conveyancer as I would prefer to instruct a high street conveyancing solicitor in Rotherhithe?
You should check but the chances are that give you one of their panel solicitors should you want the "fee-free" deal. Contact the bank and ask if they offer you a cash alternative. In the past a few mortgage companies offered a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Rotherhithe.
I used Wolstenholmes several years ago for my conveyancing in Rotherhithe. I now require my file but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Rotherhithe of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am looking for a flat up to £245,000 and identified one close by in Rotherhithe I like with open areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Rotherhithe for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities 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.