I am nearing exchange of contracts for my flat in Waltham Forest and the estate agent has just telephoned to warn that the buyers are switching law firm. The reason given is that the mortgage company will only deal with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Waltham Forest ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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 buyers are unlikely to have any impact on this.
My wife and I are getting closer to an exchange on a house in Waltham Forest and my mum and dad have transferred the ten percent deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my lawyer needs to make a notification to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The solicitor is obliged to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
Do I need to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Waltham Forest so that I can pop in to their offices if necessary.
These days conveyancing panel lawyers for mortgage companies conduct their work through Royal Mail, e-mail or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in the country. However you should see if you can still book an appointment to visit conveyancing lawyer if needed.
What is the difference between a licensed conveyancer and conveyancing solicitor in Waltham Forest
There are many registered licenced Conveyancers in Waltham Forest and Solicitor partnerships in Waltham Forest to choose from We would stress that both are regulated professionals specialising in the legal aspects of the home buying process. They may both also conduct associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
How can we tell if a Waltham Forest conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Waltham Forest obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the solicitor handling your transaction.
About to purchase house in Waltham Forest. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Waltham Forest conveyancing practitioner is on the Lloyds conveyancing panel.
I am looking for a leasehold apartment up to £305k and identified one near me in Waltham Forest I like with open areas and railway links in the vicinity, however it only has 52 years on the lease. There is not much else in Waltham Forest in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.