I am in the process of selling my house in Catford and the estate agent has just telephoned to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a major lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Catford ?
Banks have always had panels of law firms that can represent them, 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 more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 purchasers are not going to have any impact on this.
I am acquiring a newly built apartment in Catford and my conveyancer is informing me that she has to the lender to disclose incentives from the seller. I am on a tight deadline to sign contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
My wife and I have recently appointed a conveyancing solicitor in Catford. I I am struggling to find out whether they are accepted on the Halifax conveyancing panel. Can you advise?
You should call your conveyancer and enquire if they can act for the lender. Otherwise you should call Halifax who may be able to assist.
I can see plenty of information on this site concerning conveyancing in Catford but can you isolate your top tip for finding the right conveyancer in Catford
Do not opt for the cheapest Catford conveyancing costs illustration. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I'm the single recipient of my late mum's estate with all property in now in my sole name, including the house in Catford. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the property in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this provision chiefly exists to capture subsales or the wholesaling and assigning of properties.
We have agreed to purchase a house in Catford. A rare aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Aldermore your lawyer must check the formal instructions set out in Section two of UK Finance Lenders’ Handbook for Aldermore. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Aldermore where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties nationwide and is not isolated to Catford.
Do I need to be concerned by brokers that I am dealing with are recommending an online conveyancing firm rather than a High Street Catford conveyancing firm?
As with many professional services, often referrals from connections can be most helpful. But there are lots of parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may put forward lawyers to choose. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the endorsement. You are free to appoint your own lawyer. Don't forget that some banks specify a panel list of conveyancers you are obliged to use for the mortgage related work in your house move.
I am 14 days into a residential purchase having been directed to solicitors by the estate agent to handle our conveyancing in Catford. I am am very dissatisfied with the level of service. Could you help me find new solicitors?
A solicitor would have to be really bad in order to consider changing them. Has the mortgage offer been generated? In the event that it has you must inform them of the new lawyer and have the loan are re-issued. Your solicitor ideally needs to be on the banks approved list to avoid supplemental costs and frustration. So that should be your starting point. The find a solicitor tool will assist you in finding a bank approved lawyer for your home move in Catford