I am nearing exchange of contracts for my ground floor flat in Harold Hill and the EA has just called to advise that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. Why would a leading lender only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Harold Hill ?
Mortgage companies have always had panels of law firms that can represent them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 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 maintain. 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. Your purchasers are unlikely to have any impact on this.
I am purchasing a new build flat in Harold Hill. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Harold Hill you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Harold Hill.
I have been told that property searches are the main reason for obstruction in Harold Hill house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Harold Hill.
Despite weeks of looking the Title Certificate and documents to my house can not be found. The solicitors who dealt with the conveyancing in Harold Hill 4 years ago have long since closed. What are my options?
These day there are copies made of almost everything, and your conveyancer will be aware exactly where to look for all the relevant paperwork so you may buy or dispose of your house without any difficulty. If duplicates are not available, your lawyer may be able to put in place insurance or indemnities protecting you against future claims on the property.
How does conveyancing in Harold Hill differ for new build properties?
Most buyers of new build residence in Harold Hill come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Harold Hill usually acquire the site, 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 conveyancers 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 Harold Hill or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Harold Hill I like with open areas and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Harold Hill for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.