I am selling my house in Norwood Green and the estate agent has just telephoned to warn that the purchasers are changing their conveyancer. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain solicitors rather the firm that they want to select for their conveyancing in Norwood Green ?
UK lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lenders blame a rise in fraud as the reason for the pruning – criteria have been tightened 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 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. The buyers are not going to have any sway in the decision.
Our Norwood Green solicitor has discovered a discrepancy when comparing the assumptions in the valuation survey and what is revealed within the legal papers for the property. My solicitor says that he is obliged to check that the bank is OK with this discrepancy and is still content to lend. Is my lawyer’s stance legitimate?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
As someone unfamiliar with conveyancing in Norwood Green what is your top tip you can give me concerning the ownership transfer in Norwood Green
You may not hear this from too many lawyers but conveyancing in Norwood Green or throughout West London is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for confrontation between you and other parties involved in the legal transfer of property. E.g., the vendor, estate agent and on occasion your bank. Appointing a solicitor for your conveyancing in Norwood Green is a critical decision as your conveyancer is your adviser, and is the ONE party in the transaction whose responsibility is to act in your legal interests and to keep you safe.
There is a worrying creep of a "blame" culture- someone must be blamed for the process being so protracted. We recommend that you must always trust your conveyancer above all other parties in the conveyancing process.
My wife and I are purchasing a house in Norwood Green. I might seem paranoid but how we can trust a solicitor? On completion day we have to send our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Norwood Green?
There are many registered licenced Conveyancers in Norwood Green and Solicitor practices in Norwood Green to choose from It is important to make clear that both are regulated professionals specialising in the legal aspects of transferring property. They may both also handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I was told three weeks ago that my mortgage has been agreed to by Virgin Money. Is it usual for Virgin Money to only issue the offer once my solicitor in Norwood Green is approved on their conveyancing panel? Virgin Money have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Virgin Money to deal with your lawyer's application to be on the Virgin Money conveyancing panel. There's no guarantee that your solicitor will be accepted.
What is different about your site and alternative online quote calculators for conveyancing in Norwood Green?
At this site get an accurate quote from a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Norwood Green. As opposed to estate agents and many comparison sites we do not have commission deals with solicitors. Some agents and online brokers 'recommend' solicitors that pays the highest commission, rather than the best value conveyancing in Norwood Green
Do you have any top tips for leasehold conveyancing in Norwood Green from the point of view of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Norwood Green can be bypassed where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the purchasers’ solicitors. The majority of landlords or managing agents in Norwood Green charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Norwood Green. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Norwood Green state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord approving such changes. Should you fail to have the approvals to hand you should not contact the landlord without checking with your lawyer in advance. Some Norwood Green leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers.
I have had difficulty in negotiating a lease extension in Norwood Green. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing landlord or where there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the LVT to assess the sum to be paid.
An example of a Freehold Enfranchisement decision for a Norwood Green property is 6 Jessamine Road in August 2013. The Tribunals valuation (as annexed to the decision) calculated the amount payable as £18,355 for the freehold reversion This case related to 2 flats. The unexpired term as at the valuation date was 72.39 years.