I am progressing with the sale of my home in Brompton and the EA has just called to advise that the purchasers are changing their property lawyer. The excuse is that the bank will only work with solicitors on their approved list. On what basis would a leading lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Brompton ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to monitor. 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 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.
What happens if my solicitor is removed from the Skipton Conveyancing panel ahead of completing my conveyancing in Brompton?
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 at a cost.
three months have elapsed since my purchase conveyancing in Brompton completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Brompton I like with amenity areas and station nearby, however it's only got 49 remaining years left on the lease. I can't really find anything else in Brompton suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Am I right to be suspicious by brokers that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Brompton conveyancing firm?
As is the case with lots of professional services, often input from relatives can be extremely useful or valuable. But there are many players in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward solicitors to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the recommendation. You are at liberty to appoint your own conveyancer. However, bear in mind that most lenders operate an approved list of conveyancers you have to use for the mortgage aspect of your home move.
Am I better off to use a Brompton conveyancing solicitor who is local to the property I am buying? An old friend can carry out the conveyancing but her office is approximately 350kilometers drive away.
The benefit of a high street Brompton conveyancing practice is that you can drop in to sign documents, present your ID and apply pressure on them if necessary. They will also have local knowledge which is a benefit. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were happy that should surpass using an unknown Brompton conveyancing lawyer solely due to them being round the corner.