I am selling my house in Merton and the EA has just telephoned to advise that the buyers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a leading mortgage company only engage with specific lawyers rather the firm that they want to select to handle their conveyancing in Merton ?
Lenders have always had an approved set 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 represented them for decades.
Mortgage companies attribute this action to a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some 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 unlikely to have any sway in the decision.
I had intended to instruct a property lawyer in Merton for our house move. Our financial adviser informed us that our bank Barclays won't deal with them. Surely this is unduly restrictive?
Mortgage Companies in the main restrict either the category or the amount of conveyancing solicitors on their panel. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have limited the amount of firms they use to act for them. Be aware that Barclays have no responsibility for the quality of advice provided by any member of Barclays Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there remains mixed opinions concerning the extent of solicitor engagement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Merton only execute very few conveyances per annum.
I used Action Conveyancing a few years past for my conveyancing in Merton. Now, I need my files however the law firm is no longer operating. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Merton of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Merton I like with open areas and station in the vicinity, however it only has 52 years on the lease. I can't really find anything else in Merton suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Due to exchange soon on a leasehold property in Merton. Conveyancing lawyers have said that they report fully next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Merton should include some of the following:
Repair and maintenance of the flat What you can do if a neighbour breaches a clause of their lease? What options are available to the landlord where you are in breach of your lease terms? Rent payments - what is due and when is collected, and also know whether this is subject to change Who has the liability to repair and maintain the main walls and foundations. It is important that you know which party is duty bound to repair and maintenance of all parts of the block and estate
Leasehold Conveyancing in Merton - Sample of Queries Prior to buying
The prefered form of lease structure is a share of the freehold. In this situation the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is larger than a house conversion, the managing agent employed by the leaseholders. Does the lease have onerous restrictions? In the main the outlay for major works tend not to be included within service charges, albeit that there some managing agents in Merton require leasehold owners to pay into a reserve fund and this is used to offset against major repairs or maintenance.
What is the distinction between surveying and conveyancing in Merton?
Conveyancing - in Merton or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It involves the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re buying and will help you discover the condition of the building and, if there are problems, give you a powerful reason for negotiating the buying price down or asking the vendor to fix the problems before you complete your move.