I am in the process of selling my ground floor flat in Headington and the estate agent has just telephoned to advise that the purchasers are switching solicitor. The reason given is that the lender will only engage with solicitors on their approved list. Why would a major mortgage company only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Headington ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any impact on this.
We are approaching an exchange on a flat in Headington and my mum and dad have transferred the ten percent deposit to my conveyancer. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my bank. I am advised that, in also acting for the lender he must inform them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to delay the deal?
Your property lawyer is obliged to check with lender to make sure that they understand that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
What is the best way to discover of the solicitor conducting my conveyancing in Headington is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Birmingham Midshires thus spending £187.00 plus VAT in additional legal costs.
You should take advantage of the search tool on this page. Please choose the mortgage company and type ‘Headington’ or your location and you will discover numerous conveyancers located in Headington or by proximity to you.
My solicitor has informed me that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Headington?
The right level of breach of easement indemnity insurance depends on your lender. It would differ for example between HSBC Bank and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
Are all Headington Conveyancing Quality Solicitors on the HSBC conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
We had chosen solicitors with offices in Headington on the Principality solicitor approved list. They are now charging me a further sum for dealing with the Principality mortgage. Is this an additional conveyancing fee set by Principality?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your solicitor is entitled to charge a fee for this. This charge is not set by Principality but by your Headington solicitor. Some firms on the Principality panel will charge an ‘acting for lender’ fee but plenty of practices include it on their overall fee.
Just bought a detached house in Headington , how long should it take for the Land Registry to record the transfer to my name? My Headington conveyancing solicitor has been painfully slow, so I want to be certain that my purchase is recorded.
There is nothing unique about conveyancing in Headington registration formalities. Rather than based on location, timescales can vary according to who lodges the application, whether it is in order and whether the Land registry have to notify any interested persons or bodies. Currently in the region of three quarters of submission are completed in less than three weeks but occasionally there can be protracted delays. Registration occurs once the buyer is living at the premises so 'speed' is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer can communicate with the Registry to express the reasoning for the application to be prioritised.
How can the Landlord & Tenant Act 1954 impact my business property in Headington and how can you help?
The 1954 Act provides protection to business lessees, giving them the a statutory right to apply to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Headington is one of the many areas of the UK in which the firms we work with are based