I am 3 weeks into the sale of my flat in Morden Park and the EA has just text me to warn that the purchasers are appointing a new law firm. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to choose for their conveyancing in Morden Park ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. 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 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 buyers are unlikely to have any sway in the decision.
Can the conveyancing practitioners highlighted through your search tool carry out right to buy conveyancing in Morden Park?
We have identified numerous conveyancing specialists carrying out right to buy transactions Please contact us to get a conveyancing quote.
We are purchasing a flat and require a conveyancing solicitor in Morden Park who is on the RBS approved panel. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for RBS . We don't recommend any particular firms conducting conveyancing in Morden Park.
Can you clarify what the consequences are if my solicitor is suspended from the Aldermore Solicitor panel ahead of completing my conveyancing in Morden Park?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Forgive me if this question is silly but I am unexperienced as a 1st time purchaser of a two bedroom flat in Morden Park. Do I receive the keys to the house on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Morden Park?
On the day of completion you will not be required to go to the conveyancers office in Morden Park. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and shortly after the monies have arrived, you will be called to pick up the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
I am buying a 3 bedroom semi in Morden Park. Our aim is to carry out a loft conversion at the house.Will legal conveyancing on the property include checks to ascertain if these works were previously refused?
Your property lawyer will review the deeds as conveyancing in Morden Park will occasionally identify restrictions in the title deeds which restrict certain alterations or necessitated the consent of a 3rd party. Certain additions call for local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these things with a surveyor prior to committing yourself to a purchase.
Two weeks ago we had a mortgage agreed in principle with HSBC. Morden Park conveyancing lawyers have been chosen. How long does it take for HSBC to send the offer to the conveyancer?
Some lenders take longer than others. Have HSBC conducted the valuation? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have just started marketing my 2 bed apartment in Morden Park. Conveyancing is yet to be initiated, but I have just had a yearly maintenance charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the service charge as usual as all ground rent and service charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Following years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Morden Park. Can we issue an application to the Residential Property Tribunal Service?
in cases where there is a absentee freeholder or if there is dispute about what the lease extension should cost, under the relevant legislation you can apply to the First-tier Tribunal (Property Chamber) to assess the amount due.
An example of a Lease Extension case for a Morden Park residence is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case affected 1 flat. The remaining number of years on the lease was 60.43 years.