I am nearing exchange of contracts for my house in Westbourne and the EA has just telephoned to say that the purchasers are appointing a new solicitor. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Westbourne ?
Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say 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 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. Your buyers are not going to have any impact on this.
I have given 8 weeks notice to my existing landlord and have to be out of my rented property in Westbourne by 18/3/2025. Conveyancing on my purchase is progressing. Can I complete in 4 weeks as I wish to avoid having to find temporary accommodation?
It is unwise to serve notice for your lease until exchange of contracts has taken place. If you have not already done so, notify to your solicitor and ask them to they cajole the owners lawyers, try to an agreed time frame that everyone will aim towards
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Westbourne. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Lloyds, pay off the mortgage. Is this allowed?
If you intend to re-mortgage then Lloyds will require that you use a conveyancer on the Lloyds conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Lloyds conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Lloyds mortgage is registered as a charge at the Land Registry.
Is it correct that all Westbourne CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing panel?
A selection of banks and building societies now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of firms.
When it comes to mortgage companies such as Kent Reliance, do Westbourne lawyers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Nottingham have agreed my home loan in principle, my offer on a property in Westbourne has been accepted, now what?
Your estate agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Nottingham or the broker and complete any appropriate forms. Nottingham will sellect a valuer who will get in touch with the selling agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Nottingham will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Westbourne.
I have been on the look out for a leasehold apartment up to £305k and identified one close by in Westbourne I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. There is not much else in Westbourne for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease will likely be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
My step-father has recommend that I instruct his conveyancing solicitors in Westbourne. Should I use them?
No doubt the best way to find a conveyancing lawyer is to get feedback from friends or family who have actually previously instructed the conveyancer you're are thinking of instructing.