I am in the process of selling my home in Romford and the EA has just text me to say that the buyers are switching law firm. The excuse is that the bank will only engage with property lawyers on their conveyancing panel. Why would a big named lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Romford ?
Lenders have always had an approved set of law firms that can represent them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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 Romford solicitor has identified a difference between the surveyor’s assumptions in the valuation report and what is in the title deeds. My solicitor has advised that he must ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s stance correct?
Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Romford I like with open areas and station in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Romford suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 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 term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
I am looking into buying my first house which is in Romford and I am already nervous. I couldn't find anything specific about Romford. Conveyancing will be needed in due course but do you know about the Romford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Romford. In the meantime here are some basic statistics that we found
I have been sourcing a conveyancing practitioner in Romford for my house move. Is there any facility to check a solicitor's complaints history with the legal regulator?
One may review presented Solicitor Regulator Association (SRA) determinations arising from investigations started on or after Jan 2008. Go to Check a solicitor's record. To find records Pre 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The regulator may recorded call for training purposes.
20 days into a sale of a flat in Romford. Conveyancing is fine but we are being charged an extortionate amount from the landlord. To date we have paid £268 for a leasehold management pack and then another £134.40 for supplemental questions supplied by the purchaser's conveyancing practitioner.
Your conveyancing practitioner will unlikely have any impact over the extent of the fee for this information but the typical costs for the information for Romford leasehold property is £380. For Romford conveyancing deals it is standard for the seller to pay for these charges. The landlord or their agents are under no statutory obligation to answer such questions although many will agree to do so - albeit often at high prices out of proportion to the work involved. Regretfully there is no statute that mandates set fees for administrative tasks. There is no statutory time frame by which they are obliged to provide the information.