I had intended to instruct a property lawyer in Lewisham for our house purchase. Our financial adviser has since notified us that our mortgage lenders TSB won't deal with them. Why is this not regarded as unfair competition?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Lewisham conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms about their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Lewisham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Lewisham is one of the numerous areas where the conveyancers we list are are authorised to act for TSB.
Various internet forums that I have visited warn that are the primary cause of obstruction in Lewisham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Lewisham.
Are there restrictive covenants that are commonly identified as part of conveyancing in Lewisham?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Lewisham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Lewisham differ for newly converted properties?
Most buyers of new build residence in Lewisham contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Lewisham usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Lewisham or who has acted in the same development.
Are there any apps to help find a Lewisham conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to twentymiles to meet the conveyancer.
Feel free to make use of the find a conveyancing panel tool on this website. Please choose the lender and your location, in this case Lewisham and you will see a number of lawyer located nearest Lewisham. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the lender solicitor panel.