I am 4 weeks into the sale of my apartment in Ruislip Manor and the EA has just telephoned to advise that the purchasers are changing their solicitor. The excuse is that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with specific solicitors rather the firm that they want to appoint for their conveyancing in Ruislip Manor ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions justify this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. 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 purchasers are not going to have any sway in the decision.
The housing market in Ruislip Manor is heating up. What can be done to expedite the conveyancing process?
Where the seller is applying a tight deadline for your conveyancing it is highly recommended that your conveyancer is familiar with the area as they will benefit local contacts and insight. It is even conceivable that they could have handled otherproperties in the same neighbourhood. You would be best advised to use a Ruislip Manor conveyancing solicitor. Second, double check that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Ruislip Manor conveyancing transactions are held up or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal process being delayed by almost 21 days. It is understood that this issue affects approximately one hundred thousand home moves every year. Most Ruislip Manor conveyancing practices can not act for certain banks so do check as early as possible.
Is there a reason why leasehold purchase conveyancing in Ruislip Manor is more expensive?
In short, leasehold conveyancing in Ruislip Manor and elsewhere usually warrants extra hours of investigation compared to freehold conveyancing. This includes lease investigation, communicating with the landlord about the service of applicable notices, securing current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
We wanted to use a conveyancing solicitor in Ruislip Manor for our house move. Our broker informed us that our mortgage company Leeds Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most banks had an appetite for risk which was higher than today. Almost all Ruislip Manor conveyancing firms would have been on many lender panels. The financial services regulator in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum amount of transactions. Many Ruislip Manor conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Ruislip Manor is amongst the thousands of areas where the lawyers we recommend are on the panel for Leeds Building Society.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Ruislip Manor is the location of the property. Can you offer any advice?
Flying freeholds in Ruislip Manor are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ruislip Manor you must be sure that your lawyer goes 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 Ruislip Manor 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.
Is it best to use a Ruislip Manor conveyancing solicitor based in the location that I am hoping to buy? I have an old university friend who can carry out the conveyancing however his firm is located over three hundred miles drive away.
The benefit of a local Ruislip Manor conveyancing firm is that you can visit the firm to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were content that must trump using an unknown Ruislip Manor conveyancing solicitor just because they are local.