I am selling my house in West Malling and the EA has just called to warn that the purchasers are appointing a new law firm. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a leading lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in West Malling ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened 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 says 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. Your buyers are not going to have any sway in the decision.
The sellers of the home we are looking to purchase have appointed a conveyancing firm in West Malling who has insisted on a lock out contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
This kind of arrangement is unusual in West Malling, conveyancers are often inclined to direct clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no guarantee that just because the seller has executed a lock out agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered a large enough incentive to do so because a wronged party with the benefit of a exclusivity agreement will still be obliged show losses as a consequence of the breach and these may not equate the financial benefit that your seller may gain by breaking the agreement, however morally unworthy it undoubtedly is.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in West Malling. Do I collect the keys to the premises on the completion date from my conveyancer? If this is the case, I will use a local conveyancing solicitor in West Malling?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the seller's lawyers, and shortly after the monies have arrived, you will be called to receive the keys from the property Agents and move into your new home. This tends to happen between 1 and 3pm.
is it true that all West Malling conveyancing solicitors on the Aldermore conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Aldermore approved list of solicitors they would need to be regulated by the SRA. Some lenders do permit licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
How can we know in advance if a West Malling conveyancing solicitor on the TSB panel is any good?
When it comes to conveyancing in West Malling seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the lawyer conducting your conveyancing.
What can a local search reveal regarding the property we're buying in West Malling?
West Malling conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Searchflow The local search plays a central part in most West Malling conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I bought my home on 10 March and the transaction details is not yet registered. Need I be worried? My conveyancing solicitor in West Malling said it should be formalised in less than a month. Are transfers in West Malling particularly slow to register?
There is nothing unique about conveyancing in West Malling registration formalities. Rather than based on location, timescales can differ subject to who lodges the application, whether there are errors and whether the Land registry communicate with any interested persons or bodies. At present in the region of three quarters of such applications are fully addressed in less than three weeks but some can be subject to extensive delays. Registration takes place once the purchaser is living at the property therefore 'speed' is not always top priority yet where it is urgent that the the registration takes place urgently then you or your solicitor should contact the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in West Malling I like with a park and station in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in West Malling in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.