I am nearing exchange of contracts for my maisonette in Feltham and the EA has just telephoned to advise that the buyers are changing their conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a major mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Feltham ?
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 Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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 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 buyers are not going to have any sway in the decision.
I require conveyancing for an apartment in a fairly new development (seven years built) in Feltham. Almost all the appartments are already sold. Is it really necessary to order conveyancing searches for my conveyancing in Feltham?
Where you are obtaining a loan, your lender will insist on some (many) of the searches so you'll have no choice. If not, then Feltham conveyancing searches are optional. Your lawyer, will ’encourage’, perhaps in the strongest possible terms, that you should not go ahead without searches, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to find a new lawyer for your conveyancing in Feltham.
What is the first thing I need to know regarding purchase conveyancing in Feltham?
Not many law firms or advisers will tell you this but conveyancing in Feltham or throughout West London is often a confrontational process. Put another way, when it comes to conveyancing there is lots of opportunity for conflict between you and other parties involved in the legal transfer of property. For instance, the vendor, estate agent and sometimes your bank. Choosing a lawyer for your conveyancing in Feltham is a critical decision as your conveyancer is your adviser, and is the ONE person in the process whose interest is to look after your legal interests and to keep you safe.
There is a worrying ongoing adversarial element to conveyancing- someone has to be at fault for the process taking so long. We recommend that you your first instinct should be to trust your solicitor above the other players when it comes to the legal transfer of property.
I had intended to instruct a property lawyer in Feltham for our house purchase. Our broker has since advised us that our mortgage lenders Bank of Ireland won't deal with them. Surely this is unfair competition?
A decade ago most lenders had an appetite for risk which was higher than today. Almost all Feltham conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms concerning their operations and their employees and set certain criteria such a completing on a minimum amount of transactions. Many Feltham conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Feltham is amongst the numerous areas where the solicitors showing on our search results are are authorised to act for Bank of Ireland.
I have justbecome aware that Action Conveyancing have been shut down. They conducted my conveyancing in Feltham for a purchase of a leasehold apartment 10 months ago. How can I check that the property is in my name in the name of the previous owner?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Feltham conveyancing specialists.
Our estate agent has recommended their conveyancer for our conveyancing in Feltham - won’t it be easier to just instruct them?
You need to establish if the selling agent is recommending a solicitor or introducing to a property lawyer. There are plenty of Feltham selling agents who recommend two or three Feltham conveyancing firms purely based on those lawyers offering a great service.