I am selling my home in Archway and the estate agent has just text me to warn that the buyers are swapping law firm. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only deal with certain solicitors rather the firm that they want to choose to handle their conveyancing in Archway ?
UK lenders have always had panels of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to maintain. 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. Some 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. Your purchasers are not going to have any sway in the decision.
My Solicitor in Archway has never been on on the Coventry Building Society Conveyancing Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are excluded from the Coventry Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Archway solicitors but Coventry Building Society will need to retain a lawyer on their list of acceptable firms. This will inevitably rack up the total conveyancing charges and cause frustration.
- Find an alternative practitioner to act in the purchase, remembering to check they are Persuade your lawyer to do everything within their powers to join the Coventry Building Society conveyancing panel
A relative recommended that where I am purchasing in Archway I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes included in the estimate for your Archway conveyancing searches. It is not a small report of more than thirty pages, listing and setting out important information about Archway around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Archway Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Archway Education with maps and statistics, Local Amenities and other useful information regarding Archway.
How does conveyancing in Archway differ for newly converted properties?
Most buyers of new build premises in Archway approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Archway typically buy 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 conveyancers 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 Archway or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and identified one close by in Archway I like with open areas and station in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Archway suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
My husband and I are FTB’s - agreed a price, yet the estate agent informed us that the seller will only move forward if we use their recommended lawyers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Archway
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)however you intend to appoint your preferred Archway conveyancing solicitors - rather thanthose that will give their estate agent a commission or meet his conveyancing thresholds demanded by senior management.