I am in the process of selling my apartment in Stechford and the estate agent has just telephoned to advise that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a big named lender only deal with specific solicitors rather the firm that they want to select for their conveyancing in Stechford ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any impact on this.
We note that you have a post code search directory listing law firms on the Kent Reliance conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Stechford?
We are a listing service only for law firms wishing to communicate if they are on the Kent Reliance conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stechford.
I got the keys to my home on 16 July and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Stechford advises it should be dealt with in less than a month. Are transfers in Stechford particularly slow to register?
There is nothing unique about conveyancing in Stechford registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on who lodges the application, whether there are errors and if the Land registry communicate with any third persons or bodies. As of today approximately three quarters of submission are fully addressed within two weeks but occasionally there can be longer delays. Registration takes place after the new owner has moved in to the premises so an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your conveyancer can speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one near me in Stechford I like with open areas and railway links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Stechford in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan that many years may be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
We have instructed a Stechford conveyancing solicitor for our house purchase (FTB’s) and have noticed in the Ts and Cs that they are not regulated by the FCA. Am I right to be worried or is that usually the case with solicitor?
We can't see why they should be. Most conveyancing practitioner don't lend money. They will be governed by the SRA, who dictate specific rules covering funds sitting on client account.