I am one month into the sale of my flat in Wapping and the EA has just telephoned to advise that the buyers are changing their solicitor. The reason given is that the bank will only engage with property lawyers on their approved list. On what basis would a major mortgage company only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Wapping ?
Banks have always had panels of law firms that can act for them, but in recent 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 as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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. 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.
Having sold my house in Wapping last July yet the purchaser is calling daily to say his solicitor needs to hear from mine. What are the post completion sale legalities now that I have sold?
After completion of your sale your solicitor should forward the transfer documentation and all supplemental paperwork to the purchaser's solicitors. Where relevant, your solicitor should also evidence that the home loan has been discharged to the purchasers lawyers. There is unlikely to be post completion requirements just for conveyancing in Wapping.
How do I check that the solicitor conducting my conveyancing in Wapping is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Lloyds TSB Bank thus spending £187.00 plus VAT in further conveyancing invoice.
You should take advantage of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Wapping’ or your location and you will see a number of lawyer based in Wapping or by proximity to you.
I have justdiscovered that Wolstenholmes have been shut down. They carried out my conveyancing in Wapping for a purchase of a freehold house 12 months ago. How can I establish that my home is in my name in the name of the former proprietor?
The easiest way to check if the property 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 Wapping conveyancing specialists.
I am buying my first flat in Wapping with a loan from Clydesdale. The sellers would not budge the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my lawyer about the side-deal as it could impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking into buying my first house which is in Wapping and I am already nervous. I couldn't find anything specific about Wapping. Conveyancing will be needed in due course but do you know about the Wapping area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Wapping. In the meantime here are some basic statistics that we found