I am six weeks into the sale of my maisonette in Isleworth and the EA has just telephoned to advise that the buyers are changing their law firm. The reason given is that the bank will only work with property lawyers on their approved list. Why would a leading mortgage company only deal with certain lawyers rather the firm that they want to select for their conveyancing in Isleworth ?
Mortgage companies 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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened 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 says it is being contacted daily by practices 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 unlikely to have any sway in the decision.
The Isleworth conveyancing firm handling our Isleworth conveyancing has uncovered a discrepancy between the assumptions in the valuation report and what is in the conveyancing documents. My lawyer informs me that he is obliged to ensure that the lender is happy with this discrepancy and is still content to lend. Is my lawyer’s course or action legitimate?
Your solicitor must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
What does my ID and proof of funds have anything to do with my conveyancing in Isleworth? Is this really necessary?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Client Care letter that you are required to sign should confirm this. Your lender will also require certain documents to be viewed. Should you refuse to hand over identification documents, your solicitor can not take you on as a client.
Over the last few months I have been searching for a flat up to £305k and identified one round the corner in Isleworth I like with amenity areas and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Isleworth for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan that many years will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Taking into account that I am about to spend £400,000 on a terraced house in Isleworth I would like to have a conversation with the lawyer concerning thehouse move before giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be conducting your property ownership legalities in Isleworth.There is no ‘factory style conveyancing’ - every client is unique person, not a case number. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Isleworth should be the figure that you end up paying.