I am nearing exchange of contracts for my home in Old Malden and the estate agent has just telephoned to warn that the buyers are switching solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only engage with certain law firms rather the firm that they want to appoint to handle their conveyancing in Old Malden ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed 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 says 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. Your purchasers are not going to have any sway in the decision.
We are planning to acquire a property and need a conveyancing solicitor in Old Malden who is on the RBS solicitor panel. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for RBS . We don't recommend any particular firms conducting conveyancing in Old Malden.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Old Malden?
There are many registered licenced Conveyancers in Old Malden and Solicitor practices in Old Malden offering conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal work in the home buying process. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
My fiancee and I are at the point of looking at flats in Old Malden and I am now considering a potential offer. Is it sensible to have a lawyer on ‘stand by’? I am planning to take a mortgage with Kent Reliance.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Kent Reliance, make sure you remember to check that your lawyer is on the Kent Reliance conveyancing panel.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Old Malden bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Old Malden conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
My relative recommended that if I am buying in Old Malden I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Old Malden conveyancing searches. It is not a small report of more than thirty pages, listing and detailing important information about Old Malden around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Old Malden Education with maps and statistics, Local Amenities and other useful information regarding Old Malden.
I need to instruct a conveyancing lawyer in Old Malden for my house move. Can I check a firm’s record with the legal regulator?
Members of the public can review presented Solicitor Regulator Association (SRA) decisions stemming from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training purposes.
We have been informed by various friends that it may take six to eight weeks for Old Malden conveyancing to complete.This was four weeks ago. The draft contract was only sent to my conveyancer a few days ago so does the time start running now?
Don't rely on counting down any 6-8 week suggested period. Addressing precisely how how many weeks Old Malden conveyancing will take is an impossible task. Every Old Malden conveyancing transaction has it’s own unique set of issues. Accordingly your conveyancer should be unwilling to predict the a precise timescale to finalise your conveyancing in Old Malden.