I am nearing exchange of contracts for my apartment in Twickenham Park and the estate agent has just text me to warn that the buyers are switching law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Twickenham Park ?
Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 hearing daily from firms 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. Your buyers are not going to have any sway in the decision.
I am refinancing my apartment in Twickenham Park, does my lawyer have to be on the Principality Conveyancing panel?
In theory, you could use a solicitor that is not on the Principality conveyancing panel, but Principality would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I'm the sole recipient of my late mum's will and I have everything in my name now, including the house in Twickenham Park. Conveyancing formalities meant that the Land Registry date was in June. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my property ownership may be considered the same way as if I'd bought the house in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. How practical a view banks take of it, depend on the lender as this obligation primarily exists to pick up on subsales or the quick reselling of properties.
When it comes to mortgage companies such as HSBC, do Twickenham Park lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
The formalities of my purchase has taken place for my property in Twickenham Park. Conveyancing was of an acceptable standard but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
4 months have gone by following my purchase conveyancing in Twickenham Park took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Twickenham Park is where the house is located. Can you shed any light on this issue?
Flying freeholds in Twickenham Park are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Twickenham Park 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 Twickenham Park 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 premises.
I am downsizing from my property. My previous conveyancers closed down. I am in need of a recommendation of a conveyancing firm. Im based in Twickenham Park if that makes things easier.
You should use our search tool to help you find a solicitor for your conveyancing in Twickenham Park. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move goes with a minimum of fuss.