I am six weeks into the sale of my flat in Bexleyheath and the EA has just called to advise that the purchasers are appointing a new law firm. The excuse is that the lender will only engage with property lawyers on their approved list. Why would a major lender only deal with specific law firms rather the firm that they want to appoint to handle their conveyancing in Bexleyheath ?
Banks have always had an approved set 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 acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 claims that 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 not going to have any sway in the decision.
My husband and I are purchasing a 1 bedroom apartment in Bexleyheath with a loan from The Royal Bank of Scotland.We have a Bexleyheath conveyancing lawyer but The Royal Bank of Scotland says she’s not listed on their "panel". It seems we are left with no choice but to instruct a The Royal Bank of Scotland panel firm or retain our high street solicitor and fork out for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that The Royal Bank of Scotland use our lawyer?
No, not really. The loan issued to you is subject to its terms and conditions, one of which will be that conveyancers will be on the The Royal Bank of Scotland solicitor panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for The Royal Bank of Scotland
We previously selected solicitors with offices in Bexleyheath on the Lloyds solicitor panel. They are now charging me a separate sum for the legal aspects of the Lloyds mortgage. Is this an additional conveyancing fee set by Lloyds?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. The fee is not dictated by Lloyds but by your Bexleyheath property lawyer. Plenty of firms on the Lloyds panel will quote ’dealing with mortgage’ fee and others do not.
I am currently in the process of buying my council flat in Bexleyheath. I have a mortgage offer with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
After what feels like an age I have had an offer on a flat in Bexleyheath agreed to, but there is a chain. The sellers have offered on a flat, but it’s not yet agreed to, and have viewings of other flats in the pipeline. I have instructed a local conveyancing solicitor in Bexleyheath. What do I do now? At what stage should I apply for the mortgage with Skipton?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then valuation, Bexleyheath conveyancing search fees, etc). First, you must check that your conveyancer is on the Skipton conveyancing panel. As to the next phase this very much dictated by the uniqueness of your transaction, attraction to this property and on the state of the market. During a buoyant market the majority of buyers would apply for a home loan with Skipton and pay for the valuation and only if it comes back ok would they pay their property lawyer to move forward with the conveyancing in Bexleyheath.
How does conveyancing in Bexleyheath differ for new build properties?
Most buyers of new build premises in Bexleyheath contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Bexleyheath 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 property lawyers 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 Bexleyheath or who has acted in the same development.
My company is intending to take an assignment of a lease of an office on a shopping parade. Can you recommend lawyers offering competitive fees for commercial conveyancing in Bexleyheath for under 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Bexleyheath, including the disposal and acquisition of businesses as well as simply premises. Whether you are intending to purchase or dispose of a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. Regarding the fees these will vary based on the structure and nuances of the deal. Let us have your details or phone us so that we may supply you with comprehensive commercial conveyancing calculation.
I am in the process of buying my first home in Bexleyheath. Conveyancing solicitor already appointed. The financial consultant suggested that a survey is not appropriate as the property is only 20 yrs old.
At the very least you should order a Home Buyer's Report. Given the premises was built more than a decade ago the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may suffice. The report should highlight any obvious issues and recommend further investigation where relevant. If there are any signs of problems seek a full structural survey.