I am one month into the sale of my house in Temple and the estate agent has just telephoned to advise that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading lender only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Temple ?
UK lenders 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 represented them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened 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 claims that it is hearing daily from firms 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 unlikely to have any impact on this.
My partner and I swapping mortgage lender for our maisonette in Temple with RBS. We have a son approaching twenty who lives at home. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have two questions (1) Is this form unique to the RBS conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to RBS. This is solely used to protect RBS if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of RBS had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to use their panel solicitor as I would much rather use a Temple based conveyancing firm?
You should check but the the likelihood is that give you one of their panel conveyancers should you want the "fee-free" incentive. Call the lender to check if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Temple.
My colleague advised me that if I am buying in Temple I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Temple conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Temple around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Temple Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Temple Education with maps and statistics, Local Amenities and other useful data concerning Temple.
My husband and I are novice buyers - had an offer accepted, but the selling agent told us that the owners will only issue a contract if we instruct the agent's recommended solicitors as they need a ‘quick sale’. My instinct tells me that we should use a local conveyancer who is familiar with conveyancing in Temple
It is unlikely the sellers are driving this. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you intend to instruct your preferred Temple conveyancing firm - not the ones that will earn their negotiator at the agency a referral fee or hit his conveyancing thresholds demanded by head office.
I previously informed by my lender that their panel lawyers operate no sale no charge basis for conveyancing in Temple. I had a purchase fall through nevertheless the solicitors have invoiced for search fees! They are claiming that the fees are nothing to do with their fees!
Temple conveyancing search costs are disbursements not solicitors fees as these are paid to a third party.