I am progressing with the sale of my maisonette in Lisson Grove and the estate agent has just telephoned to say that the purchasers are changing their law firm. The reason given is that the lender will only work with property lawyers on their approved list. On what basis would a major mortgage company only deal with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Lisson Grove ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lending institutions blame a rise in fraud by way of justification for the pruning – 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 claims that 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 buyers are unlikely to have any sway in the decision.
My husband and I are getting closer to an exchange on a house in Lisson Grove and my parents have sent the exchange deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my conveyancing practitioner needs to disclose this to my mortgage company. I am advised that, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the mortgage company concerning my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Why is leasehold purchase conveyancing in Lisson Grove costs more?
The conveyancing costs for a leasehold premises in Lisson Grove is often more expensive as compared to a freehold residence. This is due to the additional time required in corresponding with the freeholder and management company to collate the evidence about whether the rent and maintenance charges have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
We had chosen solicitors based in Lisson Grove on the Yorkshire BS solicitor approved list. They have just billed me a further amount for dealing with the Yorkshire BS mortgage. Is this an additional conveyancing fee specified by Yorkshire BS?
Provided it is contained in their Terms and Conditions or Quote then yes your property lawyer may charge a fee for this. The fee is not set by Yorkshire BS but by your Lisson Grove property lawyer. Numerous firms on the Yorkshire BS panel will levy ’dealing with mortgage’ fee and others do not.
We have agreed to purchase a house in Lisson Grove. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As you are obtaining a mortgage with UBS your lawyer must follow the formal instructions contained in Section 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to UBS where a lease fails to satisfy these specifications. The specifications relate to the installation of panels on properties countrywide and is not isolated to Lisson Grove.
I'm at the point of viewing houses in Lisson Grove and I am now considering a potential offer. Should I already have a solicitor appointed at this point? I am planning to take a mortgage with Santander.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. As you are seeking a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
The deeds to my property can not be found. The conveyancers who did the conveyancing in Lisson Grove 5 years ago have long since closed. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to prove you own the land or property, given that the Land Registry have everything they need in a digital format.
As co-executor for the will of my father I am selling a residence in Swansea but live in Lisson Grove. My lawyer (based 235 miles awayrequires that I execute a stat dec before the transaction finalising. Could you suggest a conveyancing lawyer in Lisson Grove to witness and place their company stamp on the document?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will suffice regardless of whether they are located in Lisson Grove