I am selling my maisonette in Teddington and the estate agent has just text me to say that the purchasers are swapping law firm. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. Why would a major mortgage company only work with certain solicitors rather the firm that they want to select for their conveyancing in Teddington ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud as the reason for the cull – criteria have been narrowed 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. Some 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 not going to have any sway in the decision.
My Teddington lawyer has spotted a difference between the assumptions in the valuation report and what is revealed within the title deeds. My lawyer informs me that he is duty bound to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I own a freehold property in Teddington yet pay rent, why is this and what is this?
It’s unusual for properties in Teddington and has limited impact for conveyancing in Teddington but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Will my solicitor be raising enquiries about flooding as part of the conveyancing in Teddington.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Teddington. There are those who purchase a house in Teddington, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Teddington. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to determine whether the property has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser may commence a legal claim for losses as a result of such an misleading response. The purchaser’s conveyancers may also order an enviro search. This will reveal whether there is a recorded flood risk. If so, additional inquiries will need to be made.
It has been three months since my purchase conveyancing in Teddington took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been recommended by a few estate agents in Teddington to locate a solicitor on your site. Is there a financial advantage for Estate Agents to offer your site over alternative conveyancing organisations?
We refuse to make any referral fee for directing people our way. We found it would be just too difficult a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.