I am nearing exchange of contracts for my ground floor flat in Thamesmead and the EA has just called to say that the buyers are switching conveyancer. The excuse is that the bank will only work with property lawyers on their conveyancing panel. Why would a leading lender only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Thamesmead ?
UK lenders have always had panels of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal 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 purchasers are unlikely to have any sway in the decision.
Our grandson is about to exchange on a new build apartment in Thamesmead with a home loan from HSBC. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the valuer when asked. 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 HSBC 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 Clydesdale panel conveyancers in Thamesmead on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few banks make their panel listings viewable on the web. If you are looking for a Thamesmead conveyancing practitioner on the Clydesdale please make the most of our tool.
We had appointed conveyancing lawyers located in Thamesmead on the Skipton solicitor approved list. They are now charging me a supplemental charge for the legal aspects of the Skipton mortgage. Is this an additional conveyancing fee set by Skipton?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your lawyer may charge a fee for this. The fee is not dictated by Skipton but by your Thamesmead lawyer. Some firms on the Skipton panel will quote an ‘acting for lender’ fee but many practices incorporate it on their overall fee.
I have a mortgage with Aldermore for my property in Thamesmead. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Aldermore?
You must advise Aldermore in advance of letting out your property as this is likely to be a breach of Aldermore’s mortgage conditions. In many cases banks or building societies will permit you to let 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 Aldermore directly. It should not be necessary to do this via a Aldermore conveyancing panel firm.
I have todaydiscovered that Action Conveyancing have been shut down. They conducted my conveyancing in Thamesmead for a purchase of a freehold house 18 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The quickest method to see if the premises is in your name, you can carry out 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.
About to purchase a new build flat in Thamesmead. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Thamesmead
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The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
What does commercial conveyancing in Thamesmead cover?
Thamesmead conveyancing for business premises incorporates a broad range of guidance, provided by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.