Unfortunately I am unable to travel far from Brent Cross. Please explain the reason why all Brent Cross solicitors aren't automatically on all mortgage company panels?
A decade ago most banks exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. As a result, banks have since requiredmore information from law firms about their operations and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have been excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the mortgage companies set.
I am in a contract race with another buyer for a property in Brent Cross. What can I do to speed up the conveyancing process?
First, If you are under pressure to exchange it is highly recommended that your lawyer is familiar with the location as they will benefit local relationships and insight. It is even conceivable that they may have conducted otherhouses in the same road. Therefore consider using a Brent Cross conveyancing solicitor. In addition, ensure that the lawyer is on the lender panel. It is claimed that just under twenty per cent of Brent Cross conveyancing transactions are frustrated or jeopardised after finding out that a buyer’s conveyancer was not on their mortgage lender’s member panel. This can often result in the buying process being frustrated by almost 21 days. It is estimated that this issue impacts in the region of 100,000 home sales annually. Most Brent Cross conveyancing firms can not act for certain mortgage companies so do check at the outset.
My aunt passed away last year and as sole heir and executor I was left the house in Brent Cross. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this allowed?
Where you intend to refinance then Clydesdale will insist on your using a conveyancer on the Clydesdale 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 Clydesdale 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 Clydesdale mortgage is registered as a charge at the Land Registry.
My stepmother pointed out to me me that in purchasing a property in Brent Cross there may be various restrictions as to what one can do in terms of external alterations to the property. Is this right?
We are aware of anumerous of properties in Brent Cross which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Brent Cross should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are getting the release of further monies on our home loan from Skipton as we wish to carry out alterations to our home in Brent Cross. Are we obliged to appoint a local Brent Cross solicitor on the Skipton conveyancing panel to deal with the legals?
Skipton do not ordinarily instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton list.
The formalities of my purchase has taken place for my property in Brent Cross. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
I completed on my flat on 2 June and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Brent Cross expressed confidence that it would be registered in less than a month. Are properties in Brent Cross particularly slow to register?
As far as conveyancing in Brent Cross is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ according to the party submitting the application, whether there are errors and if the Land registry communicate with any 3rd parties. At present roughly three quarters of submission are completed in less than three weeks but some can be subject to protracted hold-ups. Registration takes place once the buyer has moved in to the premises so registration formalities is not always an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
My son is just in the process of moving house, the home loan was agreed last week in principle. One the offer was accepted on house we rang the mortgage company to issue the formal offer. I was disappointed to hear that mortgage companies do not accept all conveyancer, they need to be on their approved list, is this legal?
Mortgage Companies tend to restrict either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Brent Cross conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.