I can't travel far from Harrow. Is there a reason why all Harrow conveyancing practitioners are not on all mortgage company panels?
Mortgage companies point to the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. This resulted in lenders purging a number of firms off their books of approved solicitors .
My lender has recommended solicitors on their panel based in Harrow but I would rather choose a conveyancing lawyer in Harrow round the corner to me. Can you help?
It is by no means the case that all Harrow conveyancing solicitors are listed all lender’s conveyancing panel. Use the above find an approved solicitor tool to identify a Harrow conveyancing conveyancer on the on the bank panel.
When it comes to lenders such as Virgin Money, do Harrow solicitors incur a fee to be on the conveyancing panel?
We are not aware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Harrow bank branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Harrow conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. I have no idea who is right.
The conveyancing practitioner must comply with the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Harrow solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Harrow surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Harrow is the location of the property. Can you offer any opinion?
Flying freeholds in Harrow are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Harrow you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Harrow may determine 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 residence.
What does commercial conveyancing in Harrow cover?
Non domestic conveyancing in Harrow incorporates a wide range of services, given by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.