I am nearing exchange of contracts for my maisonette in Tooting and the estate agent has just called to advise that the buyers are swapping solicitor. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a big named mortgage company only work with certain solicitors rather the firm that they want to select for their conveyancing in Tooting ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been narrowed 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 says 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 purchasers are unlikely to have any sway in the decision.
All was ready to complete my purchase in Tooting next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What does the insurance need to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not limited to conveyancing in Tooting.
Is there a search tool that I can use to find out if the solicitor handling my conveyancing in Tooting is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Alliance & Leicester thus spending £187.00 plus VAT in supplemental legal charges.
Feel free to take advantage of the search tool on this page. Pick the lender and type ‘Tooting’ or your preferred area and you will discover numerous solicitors offices in Tooting or nearest you.
My wife and I have organised the release of further funds on our home loan from TSB as we intend to conduct improvements to our property in Tooting. Do we need to select a local Tooting solicitor on the TSB conveyancing panel to deal with the paperwork?
TSB don't usually instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the TSB panel.
Completion of my purchase has taken place for my property in Tooting. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
After months of negotiation I have agreed a price on an apartment in Tooting. My financial adviser recommended their conveyancers. I paid an on account payment of £225. A couple of days later, the lawyer called me sheepishly admitting that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Just had an offer accepted on a new build flat in Tooting. Conveyancing is daunting 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 few leasehold new build questions that you can expect your new-build leasehold conveyancing in Tooting
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There must be mutual enforceability of lessee’s covenants. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are architect prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Tooting I like with amenity areas and railway links in the vicinity, however it's only got 61 years on the lease. There is not much else in Tooting suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage that many years may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.