I am five weeks into the sale of my flat in Wanstead and the EA has just telephoned to warn that the buyers are changing their conveyancer. The excuse is that the bank will only engage with solicitors on their approved list. On what basis would a major lender only engage with certain solicitors rather the firm that they want to select for their conveyancing in Wanstead ?
UK lenders have always had panels of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Some 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. The purchasers are not going to have any impact on this.
Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to execute the legal charge? If so, I will instruct a firm who offer conveyancing in Wanstead so that I can pop in to their offices when needed.
As opposed to twenty years ago, the vast majority mortgage companies no longer need their conveyancing panel solicitor to witness the mortgagors signature. It will still be necessary for you to provide ID documents and there are still distinct benefits to using a local practitioner, in your case a conveyancing solicitor in Wanstead.
My friend suggested that where I am buying in Wanstead I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Wanstead conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Wanstead around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Wanstead Education with maps and statistics, Local Amenities and other useful data about Wanstead.
I opted to have a survey carried out on a house in Wanstead ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor has said that some lenders will refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. Santander has different instructions for example to Halifax. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Wanstead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Wanstead to see if the conveyancing will be more expensive.
My parents are unable to locate their Wanstead land registry title on the website. They have a vague memory 50 years ago when they purchased the bungalow there were complications concerning Wanstead not being identified on some systems.
Almost all properties in Wanstead should show up. Have you tried a search with just the postcode. Usually it should mention all the houses and flats inside that postcode. Where recorded it will be there with a title number. If they bought 48 years ago it's conceivable it may be not yet registered. The address might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title deeds which might be with your parent’s bank.