I am progressing with the sale of my maisonette in Peckham and the EA has just telephoned to say that the purchasers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Peckham ?
Banks have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 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 buyers are unlikely to have any impact on this.
My grandson is in the process of securing a house that has just been built in Peckham with a mortgage from Nottingham. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Nottingham conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nottingham conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
We are buying a house and need a conveyancing solicitor in Peckham who is on the Santander approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Santander . We don't recommend any particular firms conducting conveyancing in Peckham.
I am considering applying for a Lloyds mortgage for purchase of a newly converted (under development) in Peckham with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I appreciate that there are debates on Chancel Insurance on online forums. Am I compelled to take this when buying a residence in Peckham? or Apparently there is a law dating back centuries that could mean that homeowners residing in a parish church boundary will be compelled to pay for repairs towards the chancel within the church. Is this suitable for conveyancing in Peckham?
Unless a previous acquisition of the premises completed post 12 October 2013 you can expect lawyers handling conveyancing in Peckham to remain encouraging a chancel search and or insurance against a claim.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Peckham is where the house is located. Can you shed any light on this issue?
Flying freeholds in Peckham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peckham you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peckham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.