I am in the process of selling my maisonette in Northwood and the estate agent has just e-mailed to advise that the purchasers are changing their law firm. The excuse is that the lender will only work with solicitors on their approved list. Why would a major mortgage company only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Northwood ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past 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 15 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. Some 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. The purchasers are unlikely to have any sway in the decision.
I am buying a property for cash in Northwood. I have lived for the last Seventeen years in Northwood. Conveyancing searches are expensive. As I have knowledge of the area and road very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Northwood conveyancing searches are at your discretion. Your lawyer will try and sway you, perhaps strongly, that you should have searches carried out, but he has a professional duty to take that path of guidance. One thing to take into account; if you are likely to sell the house at a future date, it could be of importance to your prospective buyer what the searches determine. There are plenty of instances where premises with no practical issues can still throw up unfavourable search results. A competent conveyancing solicitor in Northwood should provide you some helpful advice here.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to appoint a Northwood based conveyancing firm?
You should check but the the likelihood is that appoint one of their panel lawyers where you accept the "fee-free" offer. Call the lender to explore if they offer you a monetary alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Northwood.
What is the difference between a licensed conveyancer and conveyancing solicitor in Northwood
Two types of professional can execute conveyancing in Northwood namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that you need to complete the sale or acquisition of property. Both are obliged to handle Northwood conveyancing on similar standards and guidelines so you can be safe in the knowledge that your conveyancing will be professionally conducted and that the necessary steps will be correctly attended to.
We have agreed to purchase a house in Northwood. An unusual aspect is that the roof has a solar panel. RBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with RBS your lawyer must comply with the conveyancing requirements set out in Section 2 of UK Finance Lenders’ Handbook for RBS. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to RBS where a lease does not meet these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not restricted to Northwood.
I currently have a mortgage with HSBC for my property in Northwood. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval prior to renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel firm.
I require quick conveyancing in Northwood as I am faced with an ultimatum to sign on the dotted line inside 2 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you are at liberty not to do searches although no lawyer would recommend that you don't. With lots of history conveyancing in Northwood the following are examples of what can crop up and adversely affect future saleability: Enforcement Actions, Overdue Fees, Overdue Grants, Unadopted Roads,...
Have purchased a a semi-detached house in Northwood , how long will it take for the Land Registry to record my ownership? My Northwood conveyancing solicitor works at snail pace, so I want to be certain that my ownership is registered.
As far as conveyancing in Northwood is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can adjust subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any third parties. As of today roughly three quarters of such applications are completed in less than three weeks but some can be subject to protracted hold-ups. Registration occurs after the purchaser has moved in to the premises therefore 'speed' is not usually an essential issue yet if it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for the application to be prioritised.