I am one month into the sale of my home in Thornton Heath and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a major lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Thornton Heath ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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. The buyers are unlikely to have any impact on this.
My lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Thornton Heath. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
Can you point me to a directory of RBS panel conveyancers in Thornton Heath on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association websites. Very few lending institutions make their panel listings viewable on the web. If you are in need of a Thornton Heath conveyancer on the RBS please use our facility.
We are getting the release of further monies on our home loan from Kent Reliance as we wish to conduct improvements to our home in Thornton Heath. Do we need to appoint a nearby Thornton Heath solicitor on the Kent Reliance conveyancing panel to deal with the legals?
Kent Reliance would not normally appoint a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance conveyancing panel.
After much negotiation I have agreed a price on an apartment in Thornton Heath. My financial adviser suggested a property lawyer. I paid an advanced payment of £200. A couple of days later, the conveyancer called me sheepishly admitting that they were not on the Nottingham conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nottingham panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am looking for a ground for flat up to £245,000 and found one close by in Thornton Heath I like with open areas and railway links in the vicinity, however it's only got 51 years on the lease. There is not much else in Thornton Heath suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
Should I use a Thornton Heath conveyancing lawyer in close proximity to the house I am buying? We have a good friend who can carry out the legal work but they are based 200miles away.
The benefit of a local Thornton Heath conveyancing practice is that you can attend the office to sign paperwork, hand in your identification documents and pester them where appropriate. Having local Thornton Heath know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and they were content that should surpass using an unfamiliar Thornton Heath conveyancing lawyer just because they are Thornton Heath based.
Why is New Build conveyancing in Thornton Heath more expensive?
Conveyancing in Thornton Heath for newly converted or new build homes often involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further investigations and contractual considerations.