I am 3 weeks into the sale of my house in Harrow and the EA has just e-mailed to say that the purchasers are changing their property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a big named mortgage company only engage with specific lawyers rather the firm that they want to choose for their conveyancing in Harrow ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 not going to have any sway in the decision.
I have Fifty Six years remaining on my lease and need a lease extension for my flat in Harrow. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/8/2019 the requirements read as follows :
I have been told that property searches are the number one cause of obstruction in Harrow house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Harrow.
Are there restrictive covenants that are commonly identified during conveyancing in Harrow?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Harrow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm converting the mortgage on my primary house to a BTL loan with Britannia and intend to use the remaining equity as a down payment on another property. The area we are talking about is Harrow. Will your lawyers be able to act for the two banks and tie in the transactions?
Make use of our comparison tool on this site to ensure that the solicitors are on the relevant lender panels. Assuming that they are the lawyer will be able to simultaneously deal with the two deals but you should talk with you lawyer and make clear your desired outcome and needs.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.