I am in the process of selling my home in Esher and the estate agent has just e-mailed to advise that the buyers are switching property lawyer. The excuse is that the mortgage company will only work with solicitors on their approved list. On what basis would a big named mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Esher ?
UK lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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. Your buyers are unlikely to have any sway in the decision.
Our Esher lawyer has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation survey and what is in the title deeds. My solicitor has advised that he is obliged to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my solicitor’s course or action correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
I purchased a freehold premises in Esher but nevertheless charged rent, why is this and what is this?
It is rare for properties in Esher and has limited impact for conveyancing in Esher but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am considering refinancing my home in Esher, does my lawyer have to be on the Bank of Ireland Conveyancing panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Esher lawyer on the Leeds Building Society panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Leeds Building Society 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 Leeds Building Society mortgage from the register. Leeds Building Society, 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 Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
I recently had an offer accepted on a house in Esher. My mortgage broker pressured me to appoint their property lawyer. I paid an on account payment of £150. A couple of days later, the conveyancer called me sheepishly admitting that they were not on the UBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the UBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Intending to buy a house in Esher. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Aldermore conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Esher solicitor is on the Aldermore conveyancing panel.
I require fast conveyancing in Esher as I have pressure to sign on the dotted line inside 2 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are not taking a home loan you are at liberty not to have searches carried out although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Esher the following are examples of what can arise and therefore affect future mortgageability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Unadopted Roads,...