I am selling my flat in Crayford and the EA has just called to warn that the buyers are swapping property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a leading mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Crayford ?
Lenders have always had panels of law firms that can represent them, but in the past few 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 many years.
Lenders attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened 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 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. The purchasers are unlikely to have any sway in the decision.
The sellers of the home we are looking to purchase hired a conveyancing solicitor in Crayford who has insisted on a exclusivity contract with a non-refundable deposit 10k. Is it wise to enter into such agreements?
There are two primary drawbacks with executing a lock out agreement (also known as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing process, so unless it requires little or no negotiation then it may transpire to be a cause of frustration and delay. It is not promoted amongst Crayford conveyancing practitioners as a result. A supplemental issue is the extent of the remedies available - an aggrieved purchaser should not expect to win an injunction to bar the seller disposing of the property to a third party, so the only remedy open via the agreement will be the recovery of wasted costs and, in limited circumstances, the additional payment of penalties.
When will exchange of contracts occur in sale conveyancing in Crayford and am I required to attend the lawyers office?
If you are local to our conveyancing solicitors in Crayford you are welcome to attend to sign the paperwork. That being said, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you electronically. The executing of the contract is not the critical part. A signed contract simply enables the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Crayford)to be in the office available at the end of the phone to exchange contracts.
I decided to have a survey completed on a house in Crayford in advance of appointing lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some banks may refuse to give a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. If you call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Crayford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Crayford to see if the conveyancing will be more expensive.
I need to instruct a conveyancing solicitor for remortgage conveyancing in Crayford. I happened to stumble across a site which seems to have the perfect answer If there is a chance to get all this stuff completed via web that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
At what point do I pay the Stamp Duty Land Tax chargeable for my house transaction in Crayford?
Most solicitors will fill out a stamp duty return on your behalf during your Crayford conveyancing transaction for you to sign. On completion your property lawyer will submit your STL application to the Tax Authorities and - as long as they have the funds - pay any tax bill liability on your behalf.