I am progressing with the sale of my house in Greenwich and the EA has just telephoned to advise that the purchasers are swapping conveyancer. The reason given is that the lender will only deal with property lawyers on their approved list. On what basis would a big named lender only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Greenwich ?
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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Mortgage companies blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose 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. Your purchasers are unlikely to have any sway in the decision.
The vendors of the house we are looking to purchase hired a conveyancing practitioner in Greenwich who has suggested a exclusivity agreement with a non-refundable deposit 10k. Are such contracts promoted for Greenwich conveyancing transactions?
Exclusivity agreements are contracts between a property seller and purchaser giving the buyer the sole right to the sale of the premises within an agreed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you should be issued with a contract at a later date being the main conveyancing contract. It tends to be used for buyer confidence though in some cases, the proprietor may enjoy an upside from such agreements as well. There are many positives and negatives to having an agreement but you should to check with your lawyer but note that it may result in incurring extra in conveyancing fees. For this these agreements are not popular when it comes to conveyancing in Greenwich.
I am purchasing a 4 bedroom semi-detached house in Greenwich. We would like to convert the garage to an office at the property.Will legal investigations on the property include enquiries to ascertain if these works were previously refused?
Your property lawyer should review the registered title as conveyancing in Greenwich can occasionally reveal restrictions in the title documents which prevent certain changes or need the permission of a 3rd party. Certain works require local authority planning permissions and approval in accordance building regulations. Certain areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. It would be sensible to check these things with a surveyor before you commit yourself to a purchase.
How can we tell if a Greenwich conveyancing solicitor on the Bank of Ireland panel is any good?
When it comes to conveyancing in Greenwich getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advise that you speak with the solicitor conducting your transaction.
We have a mortgage agreed in principle with Barclays. Greenwich conveyancing practitioners are selected. How long does it take for Barclays to forward the offer to the conveyancer?
Some lenders take longer than others. Have Barclays done the survey? Have you informed Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Various online forums that I have frequented warn that are the primary reason for obstruction in Greenwich conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Greenwich.
I'm buying a new build house in Greenwich with the aid of help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not inform my lawyer about this deal as it would adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
In my capacity as executor for the will of my aunt I am selling a house in Monmouth but reside in Greenwich. My solicitor (approximately 260 kilometers awayhas requested that I execute a statutory declaration prior to completion. Can you recommend a conveyancing practitioner in Greenwich to attest this legal document for me?
strictly speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are based in Greenwich