I am progressing with the sale of my apartment in Erith and the estate agent has just called to advise that the purchasers are appointing a new solicitor. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Erith ?
UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lending institutions attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened 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 being contacted daily by practices that have been removed from panels. Plenty of firms 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 sway in the decision.
I am purchasing a terraced house in Erith. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Erith you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Erith.
Please help - my lawyer says that breach of easement insurance is required on my purchase. What is the level of cover for Erith conveyancing?
The appropriate level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and The Royal Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such policies.
How can we tell if a Erith conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Erith getting recommendations is a good 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 which is cheap as chips. We would always advocate that you speak with the lawyer conducting your conveyancing.
I have decided to exercise my right to buy my property in Erith off the council. I have a mortgage offer with TSB. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with TSB, you will need to appoint a solicitor on the TSB conveyancing panel.
The deeds to my house can not be found. The solicitors who handled the conveyancing in Erith 5 years ago no longer exist. What are my options?
In today’s world there are copies made of almost everything, and your lawyer will be aware exactly where to locate all the relevant paperwork so you can buy or dispose of your house without any difficulty. Where duplicates are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities against possible claims on your property.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Erith is the location of the property. Is there any advice you can give?
Flying freeholds in Erith are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Erith you would need to get your solicitor to go 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 Erith 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 property.