I am in the process of selling my home in Thamesmead and the EA has just called to warn that the purchasers are swapping law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only deal with certain law firms rather the firm that they want to select for their conveyancing in Thamesmead ?
Lenders have always had panels of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened 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 says it is being contacted daily by practices 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 buyers are not going to have any sway in the decision.
Our son-in-law is buying a new build apartment in Thamesmead with a mortgage from Yorkshire BS. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Yorkshire BS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Yorkshire BS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Does a directory service exist listing Barclays panel solicitors in Thamesmead on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings available on the web. If you are looking for a Thamesmead conveyancer on the Barclays please make the most of our tool.
We previously selected conveyancing lawyers locally in Thamesmead on the Yorkshire BS solicitor panel. They are now charging me a further amount for the legal aspects of the Yorkshire BS mortgage. Is this a supplemental conveyancing fee set by Yorkshire BS?
Provided it is contained in their Terms and Conditions or estimate then yes your solicitor can levy a fee for this. The charge is not dictated by Yorkshire BS but by your Thamesmead conveyancer. Some firms on the Yorkshire BS panel will levy an ‘acting for lender’ fee and others do not.
I currently have a mortgage with Virgin Money for my property in Thamesmead. Conveyancing has been completed some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
You must advise Virgin Money in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
I have recentlybeen informed that Stirling Law have closed. They carried out my conveyancing in Thamesmead for a purchase of a leasehold flat 9 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The easiest method to see if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Thamesmead conveyancing specialists.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Thamesmead. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Thamesmead
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
What does commercial conveyancing in Thamesmead cover?
Thamesmead conveyancing for business premises incorporates a wide array of advice, offered by qualified solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.