Am I correct in assuming that the fact that my conveyancer in West Wickham is not identified on my lender's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the West Wickham conveyancing firm and ask them why they are no longer on the approved list for your bank.
My husband and I swapping mortgage lender for our maisonette in West Wickham with TSB. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is forfeited by the lender. I have two questions (1) Is this form unique to the TSB conveyancing panel as he never had to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your TSB conveyancing panel solicitor is doing the right thing 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 TSB. This is solely used to protect TSB 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 TSB 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.
My husband and I are purchasing a newly converted flat in West Wickham with a residential mortgage from Barclays .We have a West Wickham conveyancing lawyer but Barclays informed us she’s not listed on their "panel". We have to appoint a Barclays panel firm or retain our high street solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage issued to you is subject to its terms and conditions, one of which will be that lawyers will be on the Barclays approved list. in the past, most lenders had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Barclays
Should my lawyer be raising questions regarding flooding during the conveyancing in West Wickham.
Flooding is a growing risk for conveyancers dealing with homes in West Wickham. Some people will acquire a property in West Wickham, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a numerous searches that can be undertaken by the purchaser or by their conveyancers which should give them a better appreciation of the risks in West Wickham. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to determine if the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a purchaser could commence a legal claim for losses as a result of such an incorrect response. A buyer’s solicitors may also carry out an enviro report. This should indicate if there is a recorded flood risk. If so, further inquiries will need to be conducted.
I am using a search engine for the term on line conveyancing in West Wickham it brings up many conveyancersin the area. With so much choice what is the best way to find the right conveyancer for me?
The ideal way of choosing a suitable conveyancer is through a trusted recommendation, so seek the guidance of friends and relatives who have bought a property in West Wickham or the respected estate agent or financial adviser. Costs for conveyancing in West Wickham differ, so it's advisable to secure at least three costs illustrations from varying types of companies. Make sure that you clarify what costs in the quote includes.
My nephew is about to join the property ladder, the home loan was agreed last week in principle. One the seller agreed the offer on the house we contacted the mortgage company to issue the formal offer. We were shocked to learn that mortgage lenders do not accept all conveyancer, they need to be on their approved list, is this legal?
Lenders normally restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any West Wickham lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.