I am selling my apartment in New Malden and the EA has just e-mailed to warn that the buyers are changing their conveyancer. The excuse is that the bank will only work with solicitors on their approved list. Why would a leading lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in New Malden ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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. The purchasers are not going to have any sway in the decision.
As a FTB what is the most important piece of guidance you can impart regarding purchase conveyancing in New Malden?
Not many law firms shout this from the rooftops but conveyancing in New Malden or throughout South West London is often a confrontational process. Put another way, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the legal transfer of property. For instance, the seller, property agent and on occasion the mortgage company. Selecting a solicitor for your conveyancing in New Malden an important selection as your conveyancer is your adviser, and is the ONE person in the process whose role it is to look after your legal interests and to protect you.
On occasion a third party with a vested interest may attempt to sway you that it is in your interests to do things their way. As an example, the estate agent may claim to be helping by claiming that your solicitor is wrong. Or your mortgage broker may tell you to do take action that is against your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
My fiance and I are buying a 1 bedroom flat in New Malden with a mortgage from Clydesdale.We have a New Malden conveyancing solicitor but Clydesdale informed us he's not on their "panel". we are left little option but to use a Clydesdale panel lawyer or retain our high street solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Clydesdale use our lawyer?
No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that lawyers must be on the Clydesdale approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Clydesdale
We are purchasing a flat in New Malden. I might seem paranoid but how we can trust a lawyer? At some point we have to put our life savings into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My partner and I have organised a further advance on our mortgage from Clydesdale as we intend to conduct renovations to our house in New Malden. Do we need to appoint a high street New Malden solicitor on the Clydesdale conveyancing panel to deal with the legals?
Clydesdale would not normally appoint firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Clydesdale conveyancing panel.
I currently have a mortgage with RBS for my property in New Malden. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
RBS must be informed of your intention in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. You need not do this via a RBS conveyancing panel firm.
Due to the encouragement of my in-laws I had a survey completed on a property in New Malden ahead of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. My surveyor has said that some banks may refuse to issue a mortgage on a flying freehold home.
It varies from the lender to lender. Santander has different requirements from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in New Malden. Conveyancing may be slightly more expensive based on your lender's requirements.