I am progressing with the sale of my maisonette in Wanstead and the EA has just telephoned to warn that the purchasers are changing their conveyancer. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a leading mortgage company only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Wanstead ?
Mortgage companies have always had panels of law firms that can represent them, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise 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 disclose 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. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
Our Wanstead solicitor has discovered an inconsistency between the assumptions in the valuation survey and what is in the conveyancing documents. My solicitor has advised that he needs to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my conveyancer’s course or action right?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
We just had an offer accepted to buy with Loughborough BS. We have called around locally but am struggling to find a Wanstead conveyancing firm on the Loughborough BS approved list. Could you assist?
Please do make use of the search tool on this page. Please choose the building society and type Wanstead or your location and you will be presented with numerous conveyancers offices in Wanstead or near you.
is it true that all Wanstead solicitor firms on the Nottingham conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Nottingham conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. The majority of banks do allow licenced conveyancers on their panel and in such a situation the firms would be regulated by the CLC.
We have agreed to purchase a house in Wanstead. One unusual aspect is that the roof has a solar panel. Skipton have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Skipton your lawyer must follow the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Skipton. The Council of Mortgage Lenders’ Handbook includes minimum provisions for solar panel roof-space leases, and property lawyers are required to report to Skipton where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties countrywide and is not limited to Wanstead.
My wife and I are at the point of viewing apartments in Wanstead and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Kent Reliance.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are obtaining a mortgage with Kent Reliance, ask your prospective lawyers if they are on the Kent Reliance conveyancing panel otherwise they can't do the mortgage legal work.
My colleague advised me that where I am buying in Wanstead I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Wanstead conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Wanstead around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with plans and statistics, Local Amenities and other useful information regarding Wanstead.
What does commercial conveyancing in Wanstead cover?
Commercial conveyancing in Wanstead incorporates a broad range of services, given by regulated solicitors, relating to business premises. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases 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.