I am selling my apartment in Barnes and the estate agent has just telephoned to advise that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Barnes ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks attribute this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal 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. 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. Your buyers are unlikely to have any sway in the decision.
Are you able to vouch for a Alliance & Leicester accepted Barnes conveyancing practice that can complete within under 3 weeks? Am I best advised to unstruct a high street Barnes practice or a nationwide firm?
We can recommend some very good Barnes conveyancing firms. Another option is to visit the high street in Barnes. Visit two or three law practices and ask to see a conveyancing solicitor for a costs illustration. Discuss your requirements together with your reasons and ask for a commitment on speed. Select the one that you are most comfortable with.
five months have gone by since my purchase conveyancing in Barnes took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Barnes differ for newly converted properties?
Most buyers of new build property in Barnes contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Barnes typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Barnes or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Barnes I like with a park and transport links in the vicinity, the downside is that it only has 49 remaining years left on the lease. There is not much else in Barnes in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
My uncle has urged me to instruct his conveyancing solicitors in Barnes. Should I find my own property lawyer?
No doubt it’s preferable to find a conveyancing lawyer is to have feedback from friends or family who have used the solicitor that you are considering.