I am progressing with the sale of my apartment in Bethnal Green and the EA has just text me to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Bethnal Green ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been narrowed 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 says 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 buyers are not going to have any impact on this.
The Bethnal Green conveyancing firm handling our Bethnal Green conveyancing has uncovered an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the title deeds. My lawyer informs me that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my conveyancer’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Due to the advice of my in-laws I had a survey completed on a property in Bethnal Green in advance of retaining conveyancers. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders will refuse to give a mortgage on this type of home.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. If you contact us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bethnal Green. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to choose a Bethnal Green conveyancing lawyer in close proximity to the house I am buying? I have an old university friend who can deal with the legal work but they are based a couple of hundredmiles drive away.
The benefit of a high street Bethnal Green conveyancing practice is that you can attend the office to sign paperwork, deliver your identification documents and apply pressure on them if necessary. Having local Bethnal Green know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and on the whole were content that should outweigh using an unknown Bethnal Green conveyancing solicitor solely due to them being local.
If instructed can a conveyancer remove a person from the title of my home in Bethnal Green ?
Removing or adding someone to the title of your house is relatively straightforward. You’ll need to appoint a conveyancing practitioner to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a lawyer