I am selling my maisonette in Streatham and the estate agent has just called to warn that the buyers are swapping law firm. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. Why would a big named lender only engage with certain law firms rather the firm that they want to select for their conveyancing in Streatham ?
Lenders 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 Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. 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. Some 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. Your purchasers are not going to have any sway in the decision.
Is there a reason why leasehold purchase conveyancing in Streatham costs more?
In short, leasehold conveyancing in Streatham and elsewhere usually requires additional due diligence compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning the service of applicable notices, obtaining current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
We previously selected conveyancers with offices in Streatham on the HSBC solicitor panel. They have just invoiced me a further sum for dealing with the HSBC mortgage. Is this a supplemental conveyancing fee set by HSBC?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer may charge a fee for this. This charge is not dictated by HSBC but by your Streatham conveyancing practitioner. Plenty of firms on the HSBC panel will quote ’dealing with mortgage’ fee and others do not.
I had a mortgage agreed in principle with HSBC. Streatham conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC completed the valuation? Have you informed 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 was told two weeks ago that my mortgage has been agreed to by TSB. Is it usual for TSB to only issue the offer once my solicitor in Streatham is approved on their conveyancing panel? TSB have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for TSB to deal with your lawyer's application to be on the TSB conveyancing panel. There's no guarantee that your solicitor will be accepted.
How does conveyancing in Streatham differ for new build properties?
Most buyers of new build residence in Streatham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Streatham typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Streatham or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, chain free conveyancing. Streatham is the location of the property. Can you offer any opinion?
Flying freeholds in Streatham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Streatham you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Streatham may ascertain 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 residence.
Do I need to have a meeting at the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Streatham so that I can pop in to their offices when needed.
Whereas this was necessary twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Streatham.