I am nearing exchange of contracts for my flat in Acton and the EA has just called to advise that the buyers are appointing a new property lawyer. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with certain solicitors rather the firm that they want to select for their conveyancing in Acton ?
Banks have always had panels of law firms they are willing to work with, 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 worked with them for over 25 years.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed 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 says 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.
I am acquiring a property mortgage free in Acton. I have resided for the last Seventeen years in Acton. Conveyancing searches are expensive. As I have knowledge of the road and vicinity intimately must I have all the conveyancing searches?
In the absence of a home loan, then all but one or two of the Acton conveyancing searches are optional. Your lawyer will ’encourage you, no-doubt strongly, that you should have searches completed, but she is duty bound to do this. One thing to consider; if you are likely to dispose of the house at a future date, it may be of interest to your prospective buyer what the searches reveal. There are plenty of instances where premises with no practical issues can still reveal unexpected search results. A good conveyancing solicitor in Acton will provide you some sensible guidance here.
My property lawyer in Acton is not on the Virgin Money Approved Panel. Can I still use my prefered solicitor notwithstanding that they are excluded from the Virgin Money list of approved lawyers?
Your options are as follows:
- Complete the purchase with your existing Acton solicitors but Virgin Money will need to instruct a solicitor on their list of acceptable firms. This will inevitably rack up the overall legal charges and cause delays.
- Find a new solicitor to to deal with the conveyancing, not forgetting to check they are on the Virgin Money panel
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Acton is the location of the property. Is there any advice you can impart?
Flying freeholds in Acton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Acton you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Acton may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it simple use your search tool to choose a conveyancing solicitor in Acton on the panel for my mortgage?
Step one is to pick a lender such as Santander, Norwich and Peterborough Building Society or Barclays Direct then type in your location for instance Acton. Conveyancing practices in Acton and nationally should be shown.