I am in the process of selling my maisonette in Balham and the EA has just e-mailed to advise that the buyers are changing their property lawyer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Balham ?
Banks have always had panels of law firms that can represent them, but in the past 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.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. Some 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. The buyers are unlikely to have any impact on this.
What is the first thing I need to know concerning purchase conveyancing in Balham?
Not many law firms shout this from the rooftops but conveyancing in Balham or throughout England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for friction between you and other parties involved in the home moving process. E.g., the vendor, selling agent and on occasion the lender. Selecting a lawyer for your conveyancing in Balham should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the legal process whose responsibility is to act in your legal interests and to keep you safe.
Sometimes a third party with a vested interest will attempt to sway you that you should follow their advice. As an example, the property agent may claim to be helping by suggesting your solicitor is slow. Or your financial adviser may try to convince you to do take action that is against your conveyancers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
What happens if my solicitor is suspended from the Bank of Ireland Solicitor panel ahead of completing my conveyancing in Balham?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
is it true that all Balham solicitor practices on the UBS conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be overseen by the SRA. Some mortgage companies do list licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Balham bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Balham conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor has to follow the CML Handbook section two specifications 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.
I am selling my house. I had a double glazing fitted in January 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, UBS are being problematic. The Balham solicitor who is on the UBS conveyancing panel is saying indemnity insurance will be fine but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have justfound out that Wolstenholmes have closed. They carried out my conveyancing in Balham for a purchase of a freehold house 9 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The easiest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Balham conveyancing specialists.
Given that I will soon part with 450k on a property in Balham I would like to have a conversation with the solicitor concerning thetransaction in advance of giving the go ahead to the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you first talking to the lawyer who will be doing your conveyancing in Balham.There is no ‘factory style conveyancing’ - every client is an important individual, not a matter reference. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Balham should be the amount on the final invoice that you end up paying.