I am nearing exchange of contracts for my house in Feltham and the estate agent has just text me to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. On what basis would a major lender only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Feltham ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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. The purchasers are unlikely to have any sway in the decision.
Can you recommend a TSB approved Feltham conveyancing practice finish our house move within a short deadline? Am I best advised to choose a high street Feltham conveyancer or a web based conveyancer?
We can recommend some very good Feltham conveyancing firms. Another option is to visit the high street in Feltham. Go in to two or three law practices and request to see a conveyancing solicitor for a costs illustration. Discuss your deadline together with your reasons and get an assurance on speed. Appoint the lawyer that appears most efficient.
As someone not used to the Feltham conveyancing process what is your top tip you can impart for the legal transfer of property in Feltham
You may not hear this from too many lawyers but conveyancing in Feltham or throughout England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there is an abundance of opportunity for conflict between you and other parties involved in the house moving process. For example, the vendor, selling agent and sometimes your mortgage company. Selecting a lawyer for your conveyancing in Feltham is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose responsibility is to look after your best interests and to keep you safe.
On occasion a third party with a vested interest may try and persuade you that you should follow their advice. As an example, the selling agent may claim to be assisting by claiming that your lawyer is wrong. Or your mortgage broker may advise you to do something that is contrary to your lawyers advice. You should always trust your lawyer above all other parties in the conveyancing process.
My grandmother passed away last year and as sole heir and executor I was left the house in Feltham. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then Nationwide will require that you use a conveyancer on the Nationwide 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 Nationwide 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 Nationwide mortgage is registered as a charge at the Land Registry.
I am looking for a leasehold apartment up to £245,000 and found one near me in Feltham I like with open areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Feltham for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Should I be wary by estate agents that I am dealing with are encouraging me to use an internet conveyancing firm as opposed to a High Street Feltham conveyancing practice?
As with many professional services, often referrals from connections can be extremely useful or valuable. Nevertheless there are lots of people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all put forward conveyancers to choose. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are free to appoint your own conveyancer. However, bear in mind that some mortgage providers specify a panel list of lawyers you must use for the mortgage related work in your transaction.