I am nearing exchange of contracts for my ground floor flat in Twyford and the estate agent has just text me to advise that the purchasers are swapping solicitor. The excuse is that the lender will only deal with property lawyers on their approved list. Why would a big named mortgage company only engage with specific lawyers rather the firm that they want to select for their conveyancing in Twyford ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions 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. 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. The purchasers are unlikely to have any impact on this.
My fiance and I are refinancing our apartment in Twyford with Yorkshire BS. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is repossessed. I have two concerns (1) Is this form unique to the Yorkshire BS conveyancing panel as he did not need to sign this form when we bought 5 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 Yorkshire BS. This is solely used to protect Yorkshire BS 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 Yorkshire BS 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.
It is a dozen years since I purchased my house in Twyford. Conveyancing lawyers have recently been retained on the sale but I can't locate the title documents. Is this a major issue?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they could be archived with the conveyancers who acted in your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Nearly all conveyancing in Twyford relates to registered property but in the rare situation where your home is not registered it is more problematic but is not insurmountable.
My Solicitor in Twyford is not listed on the Chelsea Building Society Conveyancing Panel. Can I still retain my family solicitor even though they are not on the Chelsea Building Society list of approved lawyers?
Your options are as follows:
- Complete the purchase with your preferred Twyford lawyers but Chelsea Building Society will need to retain a solicitor on their list of acceptable firms. This will inevitably rack up the total conveyancing fees as well as result in frustration.
- Find a new lawyer to act in the purchase, obviously checking they are on the Chelsea Building Society panel
I decided to have a survey done on a house in Twyford before appointing conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks tend refuse to grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different requirements for example to Nationwide. If you call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Twyford. Conveyancing may be slightly more expensive based on your lender's requirements.
What is the reason for new build conveyancing in Twyford being more expensive?
Conveyancing in Twyford for recently converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further queries and contractual concerns.