I am selling my maisonette in Old Windsor and the estate agent has just called to warn that the purchasers are changing their law firm. The excuse is that the lender will only engage with property lawyers on their conveyancing panel. Why would a leading mortgage company only work with specific law firms rather the firm that they want to choose for their conveyancing in Old Windsor ?
Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 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. Your buyers are not going to have any sway in the decision.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Old Windsor I like with open areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Old Windsor for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
How difficult is it to change firm as I need to appoint a firm on the Yorkshire Building Society conveyancing list. I had appointed a local conveyancing solicitor in Old Windsor five minutes from me but the firm is not approved by Yorkshire Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Old Windsor on the Yorkshire Building Society panel. Please note that the solicitors that we work with do not pay us commission if you instruct them and are fully regulated by the SRA who regulate all conveyancing solicitors in Old Windsor. In making use of the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Old Windsor.
I have been sourcing a conveyancing practitioner in Old Windsor for my home move. Is it possible to check a firm’s complaints history with the profession’s regulator?
You may see documented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Go to Check a solicitor's record. To find information Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.
Is it the case that all Old Windsor legal practices on every bank conveyancing panel?
You can use our search tool or you can pop into your high street bank branch in Old Windsor. the probability is that they will be in a position to recommend some reputable conveyancing solicitors in Old Windsor