I am selling my house in South Acton and the estate agent has just telephoned to say that the buyers are switching solicitor. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in South Acton ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 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 purchasers are not going to have any sway in the decision.
My wife and I are due to complete buying a house in South Acton but as a result of damage from some water damage at the property I have was able negotiate recompense from the seller of £2k by way of a reduction in the price. I had intended this to be dealt with as part of the conveyancing process but Barclays are not allowing this. Should they have been involved?
The solicitor being on a Barclays approved list is duty bound to advise Barclays of any amendments to the purchase price. If you prohibit your solicitor to disclose the reduction to Barclays then they would have to discontinue acting for you. In addition, Barclays and you would have to appoint a new property lawyer for your conveyancing in South Acton.
Why do I have to pay up front for my conveyancing in South Acton?
Where you are retaining lawyers for conveyancing in South Acton your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the sale price then this should be asked for immediately ahead of contracts are exchanged. Any further balance that is needed should be transferred a couple of days ahead of the completion date.
Due to the advice of my in-laws I had a survey completed on a house in South Acton prior to appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you call us we can look into this further 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 South Acton. Conveyancing will be smoother if you use a solicitor in South Acton especially if they regularly deal with such properties in South Acton.
Given that I am about to spend 450k on a house in South Acton I wish to talk to a lawyer concerning thehome move prior to appointing the firm. Can this be arranged?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the lawyer who will be doing your property ownership legalities in South Acton.There is no ‘factory style conveyancing’ - every client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in South Acton should be the figure that you are charged.