I am progressing with the sale of my maisonette in Dalston and the estate agent has just called to warn that the buyers are swapping law firm. The reason given is that the bank will only work with solicitors on their approved list. Why would a major lender only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Dalston ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say 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. The purchasers are not going to have any sway in the decision.
My son-in-law is buying a newly built flat in Dalston with a mortgage from UBS. His lawyer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Are the Dalston conveyancing solicitors identified as being on the Co-operative conveyancing panel, together with their details provided by Co-operative?
Dalston conveyancing firms themselves provide us confirmation that they are on the Co-operative conveyancing panel as opposed to being supplied with a list from Co-operative directly.
This question may be naive but I am new to the house moving as a first time purchaser of a garden flat in Dalston. Do I pick up the keys to the premises on completion from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Dalston?
On the day of completion you will not be required to attend the conveyancers office in Dalston. Conveyancing lawyers for you will transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be able to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
Are all Dalston Conveyancing Quality Solicitors on the RBS conveyancing list of approved firms?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.
My partner and I are spending time viewing apartments in Dalston and I am about to put in an offer. Is it sensible to have my conveyancer on ‘stand by’? I will be getting a home loan with HSBC.
It would be wise to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the EA. As you are obtaining a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
How does conveyancing in Dalston differ for new build properties?
Most buyers of new build or newly converted property in Dalston come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Dalston usually acquire 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 accustomed to new build conveyancing in Dalston or who has acted in the same development.
We're novice buyers - had an offer accepted, but the agent told us that the seller will only proceed if we use their recommended conveyancers as they are insisting on a ‘quick sale’. We would rather use a high street solicitor accustomed to conveyancing in Dalston
We suspect that the owner is not behind this requirement. Should the vendor want ‘a quick sale', alienating a serious purchaser is going to damage their objectives. Contact the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you intend to instruct your own,trusted Dalston conveyancing solicitors - rather thanthose that will provide their negotiator at the agency a introducer fee or achieve conveyancing figures pre-set by HQ.