I am progressing with the sale of my ground floor flat in Thamesmead and the estate agent has just called to advise that the purchasers are switching conveyancer. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only work with certain lawyers rather the firm that they want to select to handle their conveyancing in Thamesmead ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
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 maintain. 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 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 buyers are not going to have any sway in the decision.
Would the conveyancing lawyers identified via your search tool carry out auction conveyancing in Thamesmead?
There are a few auction solicitors we can put you in touch with those who can conduct auction conveyancing. Thamesmead is one of our areas of in which our lawyers cover.
Why is leasehold purchase conveyancing in Thamesmead costs more?
In summary, leasehold conveyancing in Thamesmead and South East London usually involve extra hours of investigation compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord concerning serving appropriate notices, obtaining up-to-date service charge and management information, procuring the freeholder’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 – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
Will my solicitor be asking questions concerning flooding during the conveyancing in Thamesmead.
Flooding is a growing risk for lawyers specialising in conveyancing in Thamesmead. Plenty of people will purchase a property in Thamesmead, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a various searches that may be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Thamesmead. The standard completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out if the property has suffered from flooding. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser may issue a compensation claim stemming from an incorrect answer. The buyer’s conveyancers will also carry out an environmental report. This should higlight if there is a recorded flood risk. If so, more detailed inquiries will need to be conducted.
I have a terraced Victorian property in Thamesmead. Conveyancing solicitor represented me and Halifax. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the exact same address. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thamesmead and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who conducted the purchase.
In scouring the world wide web for the words on line conveyancing in Thamesmead it reveals many solicitorsin the area. With so much choice what is the best way to find the suitable property lawyer for the sale of my house?
The best way of choosing a suitable conveyancer is via trusted referral, so enquire of friends and relatives who have acquired a property in Thamesmead or the respected estate agent or mortgage broker. Fees for conveyancing in Thamesmead vary, so it's advisable to secure a minimum of three fee estimates from varying types of conveyancers. Be sure to obtain confirmation that the fees are fixed.