I am five weeks into the sale of my maisonette in Kew and the EA has just telephoned to say that the purchasers are appointing a new property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to choose to handle their conveyancing in Kew ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Lending institutions attribute this action to a rise in fraud as the reason for the reduction – criteria have been narrowed 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 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.
Our bank has suggested a law firm on their panel based in Kew but I would rather instruct a conveyancing lawyer in Kew or nearer to where I live. Are you able to assist?
Far from all Kew conveyancing firms are on all lender’s conveyancing panel. Do make use of our find an approved solicitor tool to locate a Kew conveyancing conveyancer on the on the lender panel.
Are all Kew Conveyancing Quality Solicitors on the HSBC conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We expect to receive a AIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Kew solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Kew solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
After shopping around on the internet I have found a Kew property lawyer having made sure that they are on the Coventry BS conveyancing panel. Does my lawyer arrange the survey of the property?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Kew postcode. As you are getting a mortgage with Coventry BS, you could contact them to see if they have a list of approved surveyors in Kew.
How does conveyancing in Kew differ for newly converted properties?
Most buyers of new build or newly converted property in Kew approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Kew tend to buy 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 used to new build conveyancing in Kew or who has acted in the same development.
I decided to have a survey completed on a property in Kew ahead of retaining conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies will refuse to grant a loan on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you contact us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kew. Conveyancing will be smoother if you use a solicitor in Kew especially if they are accustomed to such properties in Kew.
At what point do I pay stamp duty due for my conveyancing in Kew?
Your solicitor will complete a stamp duty return on your behalf during your Kew purchase transaction for signature. On completion your property lawyer will submit your STL Return Form to the Inland Revenue and - as long as they have the funds - pay any tax bill liability on your behalf.