I am 4 weeks into the sale of my ground floor flat in West Norwood and the estate agent has just called to advise that the buyers are switching solicitor. The excuse is that the mortgage company will only work with solicitors on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in West Norwood ?
Banks have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 sway in the decision.
We are about to exchange on the purchase of a property in West Norwood but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the current proprietors in the sum of £2k by way of a deduction in the price. This was going to be dealt with as part of a side agreement but HSBC are not allowing this. Why were they informed?
Your conveyancing practitioner being on a HSBC approved list is obliged to disclose to HSBC of any variations to the purchase price. If you prohibit your lawyer to disclose the price change to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new conveyancer for your conveyancing in West Norwood.
Why is leasehold purchase conveyancing in West Norwood costs more?
In short, leasehold conveyancing in West Norwood and elsewhere usually warrants more due diligence compared to freehold conveyancing. This includes reviewing the lease, corresponding with the landlord about serving appropriate notices, procuring up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
I have decided to exercise my right to buy my property in West Norwood off the council. I have a mortgage agreed with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
Intending to buy a maisonette in West Norwood. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the West Norwood lawyer is on the Clydesdale conveyancing panel.
I have instructed a West Norwood conveyancing practitioner having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own West Norwood surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have justbecome aware that Stirling Law have been shut down. They conducted my conveyancing in West Norwood for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is in my name in the name of the previous owner?
The easiest 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 West Norwood conveyancing specialists.
What type of property do your West Norwood conveyancing quotes relate to?
The quotes supplied are only appropriate to standard domestic premises in England & Wales. Should you have any different needs such as industrial or agricultural property or commercial conveyancing in West Norwood do telephone us to consider this further .