I am selling my house in Soho and the estate agent has just text me to warn that the purchasers are appointing a new property lawyer. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a big named lender only engage with specific law firms rather the firm that they want to select for their conveyancing in Soho ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to disclose 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 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 not going to have any sway in the decision.
When does exchange of contracts happen for residential conveyancing in Soho and am I required to be at the solicitors office?
Where you are local to one of the conveyancing solicitors in Soho you are invited in to sign contracts. That being said, the firms we recommend provide a nationwide conveyancing service and give just as diligent and professional a job for you when dealing with you by post or email. The executing of the property agreement is not the point of no return. Signing on the dotted line simply enables the firm to address the formalities at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Soho)to be in the office available at the end of the phone to exchange contracts.
I am planning to acquire a property and need a conveyancing solicitor in Soho who is on the Britannia approved. Can you recommend a local solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Britannia in certain locations such as Soho. We dont recommend any particular firm.
five months have gone by since my purchase conveyancing in Soho concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Soho is where the house is located. What do you suggest?
Flying freeholds in Soho are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Soho you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Soho 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 premises.
What does commercial conveyancing in Soho cover?
Soho conveyancing for business premises covers a broad array of advice, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.