My husband and I are hoping to acquire a 1 bedroom apartment in Croydon with a mortgage. We have a Croydon conveyancer, but the lender says he's not on their "panel". It appears that we have little choice but to use one of the lender panel conveyancing practices or continue with our Croydon conveyancer and pay for one of their panel firms to act for them. We regard this is inequitable; are we not able to require that the bank use our Croydon lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Croydon conveyancing solicitor to apply to be on the conveyancing panel.
I had intended to instruct a conveyancing solicitor in Croydon for our home move. Our broker informed us that our mortgage lenders Chelsea Building Society won't deal with them. Why is this not regarded as unduly restrictive?
Mortgage Companies in the main restrict either the category or the amount of conveyancing firms on their member panel. A common example of such criteria being that a firm must have two or more partners. As well as restricting the profile of firm, some have limited the number of solicitor practices they permit to act for them. You should note that Chelsea Building Society have no responsibility for the quality of advice provided by any member of Chelsea Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains differing views concerning the level of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that plenty of law firms, including some in or near Croydon only carry out one or two conveyances per annum.
Should my solicitor be asking questions regarding flooding during the conveyancing in Croydon.
Flooding is a growing risk for lawyers dealing with homes in Croydon. There are those who buy a property in Croydon, completely expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Croydon. The conventional set of information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to determine if the property has suffered from flooding. If the residence has been flooded in past and is not revealed by the seller, then a purchaser could bring a compensation claim stemming from an incorrect reply. The purchaser’s lawyers may also commission an enviro search. This will disclose whether there is a recorded flood risk. If so, further investigations will need to be conducted.
I opted to have a survey completed on a property in Croydon before instructing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend refuse to issue a loan on this type of premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Croydon. Conveyancing will be smoother if you use a solicitor in Croydon especially if they are familiar with such properties in Croydon.
My husband and I are first time buyers - had an offer accepted, but the estate agent informed us that the seller will only issue a contract if we appoint the agent's chosen solicitors as they need a ‘quick sale’. Our preferred option is to instruct a family solicitor accustomed to conveyancing in Croydon
It is improbable the vendors are behind this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Bypass the agents and go straight to the sellers and make the point that (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)however you intend to instruct your preferred Croydon conveyancing firm - not the ones that will give their estate agent a commission or hit his conveyancing figures demanded by HQ.
How and when do I cover the costs of stamp duty chargeable for my house transaction in Croydon?
The property lawyer will complete a stamp duty return on your behalf during your Croydon conveyancing transaction for signature. After completion your conveyancer will submit your STL application to the Inland Revenue and - assuming they have the money - discharge any Stamp Duty liability for you.