I am one month into the sale of my home in East London and the estate agent has just telephoned to warn that the buyers are changing their property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in East London ?
Lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 purchasers are unlikely to have any impact on this.
Having sold my house in East London last February yet the purchaser is texting me complaining that her solicitor needs to hear from mine. What should have happened now that I have sold?
Following your disposal your lawyer is duty bound to forward the transfer deeds and all of the paperwork to the purchaser's conveyancer. Where appropriate, your conveyancer must also confirm that the mortgage has been discharged to the buyers lawyers. There is unlikely to be post completion procedures specific conveyancing in East London.
is it true that all East London solicitor firms on the Nottingham conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Nottingham approved list of solicitors they would need to be regulated by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
I have today made my last payment due on my mortgage with Yorkshire BS. I assume I don't need a East London conveyancing practitioner on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
Co-operative have agreed my home loan in principle, my bid on a apartment in East London has been accepted, what are the next steps?
The estate agent will want to be advised as to your conveyancer's details (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Co-operative or the broker and finish off any appropriate forms. Co-operative will appoint a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Co-operative will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in East London.
I'm purchasing a new build house in East London with a loan from Coventry Building Society. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not inform my lawyer about the deal as it could adversely affect my loan with Coventry Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. East London is the location of the property. What do you suggest?
Flying freeholds in East London are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East London you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East London may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My father has encouraged me to appoint his lawyers for conveyancing in East London. Should I use them?
Much as we are happy to recommend a East London conveyancing lawyer it’s preferable to select a conveyancing solicitor is to have recommendations from friends or relatives who have experience in using the solicitor that you are contemplating using.