I am progressing with the sale of my home in Greenwich and the EA has just e-mailed to say that the purchasers are changing their solicitor. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a leading mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Greenwich ?
Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 buyers are not going to have any impact on this.
I completed on my home on 13 April and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Greenwich advises it would be recorded inside ten days. Are properties in Greenwich uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Greenwich registration formalities. As opposed to being determined by geographic area, timeframes can vary according to who lodges the application, whether it is in order and whether the Land registry communicate with any other persons or bodies. Currently roughly 80% of such applications are completed within two weeks but occasionally there can be extensive delays. Registration occurs after the purchaser is living at the premises therefore 'speed' is not typically primary concern but if there is a degree of urgency associated with the registration then you or your solicitor can contact the land registry and explain the circumstances.
I'm purchasing a new build house in Greenwich with a loan from Godiva Mortgages Ltd. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The sale representative advised me not disclose to my conveyancer about this side-deal as it will put at risk my mortgage with Godiva Mortgages Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Do I need to be concerned about brokers that I am dealing with are suggesting a national conveyancing firm as opposed to a local Greenwich conveyancing firm?
As with many professional services, often referrals from connections can be worth their weight in gold. Yet there are lots of people with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest lawyers to choose. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You are at liberty to appoint your preferred conveyancer. You need to be aware that many lenders have an approved list of lawyers you must use for the mortgage aspect of your home move.
Is it best to instruct a Greenwich conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can carry out the conveyancing but her office is 400miles away.
The primary upside of using a high street Greenwich conveyancing firm is that you can pop in to execute paperwork, present your ID and pester them if necessary. They will also have local intelligence which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were impressed that must outweigh using an unknown Greenwich conveyancing lawyer solely due to them being Greenwich based.
What is the distinction between surveying and conveyancing in Greenwich?
Conveyancing - in Greenwich or elsewhere - is the legal term given to transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you find out about the condition of the building and, if there are problems, give you leverage for reducing the price down or asking the seller to fix the defects prior to you move in.