I am one month into the sale of my flat in Kennington and the estate agent has just called to warn that the purchasers are appointing a new property lawyer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Kennington ?
Banks have always had panels of law firms they are content to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 unlikely to have any impact on this.
We wanted to use a property lawyer in Kennington for our house purchase. Our financial adviser informed us that our mortgage lenders Halifax won't deal with them. Surely this is unfair competition?
Mortgage Companies normally restrict either the category or the volume of conveyancing firms on their member panel. Typical examples of such criteria being that a firm must have two or more partners. As well as restricting the type of firm, some have reduced the amount of firms they permit to represent them. You should note that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there are differing opinions regarding the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Kennington only perform a couple conveyances a year.
My uncle informed me that in purchasing a property in Kennington there may be various restrictions preventing external alterations to a property. Is this right?
We are aware of anumerous of properties in Kennington which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Kennington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the only recipient of my late mum's estate with all property in now in my sole name, including the house in Kennington. The Kennington property was put into my name in May. I want to move. I do know about the Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in May. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How sensible a view mortgage companies take of it, depend on the mortgage company as this clause is primarily there to capture the purchase and immediately sell or the flipping of properties.
The formalities of my remortgage has taken place for my property in Kennington. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
My partner and I are downsizing from our home in Kennington and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. It does beg the question why the buyers are using a web based conveyancing outfit as opposed to a conveyancing solicitor in Kennington. Having lived in Kennington for 4 years we know that this is a non issue. Do we contact our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
How does conveyancing in Kennington differ for new build properties?
Most buyers of new build or newly converted property in Kennington come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Kennington tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Kennington or who has acted in the same development.
I am using a search engine for the words on line conveyancing in Kennington it brings up many conveyancersin the area. With so much choice what is the best way to find the right conveyancing solicitor for the sale of my house?
The ideal method of seeking the right conveyancer is through a personal referral, so enquire of colleagues and relatives who have acquired a property in Kennington or a local estate agent or mortgage broker. Costs for conveyancing in Kennington vary, so it's advisable to request a minimum of three costs illustrations from different law firms. Be sure to seek confirmation that the charges are assured not to rise.