I am progressing with the sale of my ground floor flat in Southgate and the estate agent has just text me to warn that the buyers are appointing a new law firm. The reason given is that the lender will only engage with property lawyers on their approved list. Why would a major mortgage company only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Southgate ?
Banks have always had an approved set of law firms that can represent them, 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 acted for them for decades.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. Your buyers are unlikely to have any sway in the decision.
We see that you have a post code search directory identifying firms on the TSB conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Southgate?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Southgate.
Have completed on a a terraced house in Southgate , What is the estimated time for the Land Registry to deal with the formalities evidencing the transfer to my name? My Southgate conveyancing solicitor works at snail pace, so I want to be certain the land registry aspects are addressed.
There is nothing unique when it comes to conveyancing in Southgate registration formalities. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. As of today approximately three quarters of such applications are completed in less than three weeks but some can be subject to protracted hold-ups. Registration occurs after the new owner is living at the premises therefore registration formalities is not always an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers must speak with the land registry and explain the circumstances.
I am purchasing a new build house in Southgate with a mortgage from Coventry Building Society. The builders would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not inform my lawyer about the extras as it may jeopardize my mortgage with Coventry Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what should have been a quick, no chain conveyancing. Southgate is where the house is located. Is there any advice you can impart?
Flying freeholds in Southgate are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southgate you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southgate may determine 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 property.
How simple is it to change firm as I have to instruct a firm on the TSB conveyancing list. I was using a high street conveyancing solicitor in Southgate round the corner but she is not accepted by TSB
We will our best to assist in finding you a conveyancing solicitor in Southgate on the TSB panel. Please note that the solicitors that we work with do not pay us a referral fee if you instruct them and are under regulation of the Solicitors Regulation Authority who oversee all conveyancing solicitors in Southgate. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Southgate.