I am nearing exchange of contracts for my maisonette in Ham and the EA has just text me to say that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Ham ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies point to the increase in fraud by way of justification for the cull – 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 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 purchasers are not going to have any sway in the decision.
Me and my partner are soon to complete buying a property in Ham but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the owner of six thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Coventry BS are not allowing this. Should they have been involved?
Your lawyer being on a Coventry BS conveyancing panel is obliged to inform Coventry BS of any variations to the sale price. If you prohibit your property lawyer to notify the price change to Coventry BS then they would have to discontinue acting for you. In addition, Coventry BS and you would have to appoint a new conveyancer for your conveyancing in Ham.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to use their panel conveyancer as I would prefer to appoint a Ham based conveyancing firm?
You should check but the chances are that appoint one of their panel lawyers where you take up the "fee-free" offer. Call the mortgage company to explore if they offer you a cash alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor in Ham.
I have been on the look out for a ground for flat up to £305k and found one near me in Ham I like with open areas and station nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Ham in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
Is it simple use the search facility to choose a conveyancing lawyer in Ham on the panel for my bank?
First select a bank such as Birmingham Midshires, The Mortgage Works or Platform Home Loans Ltd then specify your preferred area such as Ham. Conveyancing firms in Ham and beyond should be identified.
Do I need to pop into the offices of the lender conveyancing panel solicitor to execute the legal charge? If so, I will choose one who does conveyancing in Ham so that I can pop in to their offices if necessary.
Most conveyancing panel lawyers for the lender undertake conveyancing via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Ham. However you should check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.