I am nearing exchange of contracts for my ground floor flat in Grahame Park and the estate agent has just called to warn that the purchasers are swapping law firm. The excuse is that the mortgage company will only engage with property lawyers on their approved list. Why would a major lender only work with certain lawyers rather the firm that they want to select for their conveyancing in Grahame Park ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lending institutions blame a rise in fraud by way of justification 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. 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 impact on this.
Can the conveyancing solicitors listed on your site conduct conveyancing in Grahame Park by way of an attended exchange?
We do have a number of conveyancing experts carrying out one day exchanges. Please e-mail us to get a conveyancing quote and details as to availability.
I have been told that property searches are the primary cause of delay in Grahame Park conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any delay in conveyancing in Grahame Park.
About to purchase a new build apartment in Grahame Park. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Grahame Park
If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Please confirm the Lease plans are architect prepared. There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan.
I need to find a conveyancing solicitor for freehold conveyancing in Grahame Park. I've chance upon a web site which appears to be the perfect offering If it is possible to get all formalities done via email that would be ideal. Do I need to be wary? What should out be looking out for?
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?
My 20yr old son is about to join the property ladder, he had his mortgage in principle. After the offer was accepted on flat we called the bank to issue the formal offer. I was very surprised to hear that banks do not accept all lawyer, they need to be on their approved list, is this right?
Mortgage Companies tend to restrict either the type or the number of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Grahame Park solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.