I am not in a position to travel far from Harrow. Is there a reason why all Harrow lawyers are not on all lender panels?
Even though it may seem unfair for banks to restrict who can represent them, from the public’s or lawyer’s standpoint, the flip side is that mortgage companies are increasingly anxious and regard it imperative to protect them from mortgage fraud. As a result of this concern banks have restricted their conveyancing panel to a manageable size.
The owners of the house we are purchasing hired a conveyancing firm in Harrow who has recommended a lock out contract with a down payment 10k. Is it wise to enter into such agreements?
There are a couple of main drawbacks with executing a lock out contract (sometimes termed an exclusivity agreement) is that it diverts attention away from making progress with the conveyancing process, so in the absence of it needing minimal or no negotiation then it could transpire to be a cause of frustration and delay. It is not promoted by Harrow conveyancing practitioners as a result. A supplemental negative is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to be issued with injunctive relief to prohibit the owner 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 rare scenarios, the extra payment of damages.
Do all mortgage companies provide you with an approved list of Harrow conveyancing solicitors? How do you know who is on the Barclays conveyancing panel?
Harrow conveyancing firms themselves provide us confirmation that they are on the Barclays conveyancing panel as opposed to being supplied with a list from Barclays directly.
When it comes to lenders such as Barclays, do Harrow lawyers face an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have paid off my mortgage with Yorkshire BS. I assume I don't need a Harrow conveyancer on the Yorkshire BS panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Yorkshire BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Yorkshire BS mortgage from the register. Yorkshire BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Yorkshire BS has sent the Land Registry the discharge electronically, and
- Yorkshire BS has instructed the Land Registry to do so
I have finally had an offer on a maisonette in Harrow agreed to, the owners do however have a tied purchase. The vendors have offered on a property, but it’s not yet agreed to, and are looking at other flats booked. I have selected a high street conveyancing solicitor in Harrow. What should be my next step? At what point should I apply for the mortgage with Clydesdale?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, Harrow conveyancing search charges, etc). The first thing to do is ensure that your conveyancing practitioner is on the Clydesdale conveyancing panel. As to the subsequent steps this very much depends on the circumstances of your case, attraction to the property and on the state of the market. In a hot market the majority of purchasers will apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they request their conveyancer to press on with the conveyancing in Harrow.
Will commercial conveyancing searches reveal proposed roadworks that may affect a commercial estate in Harrow?
Many commercial conveyancing solicitors in Harrow will conduct a SiteSolutions Highways report as it reduces the time that conveyancers spend in investigating accurate data on highways that impact buildings and development assets in Harrow. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Harrow.
For every commercial conveyancing transaction in Harrow it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Harrow commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Harrow.
How does conveyancing in Harrow differ for newly converted properties?
Most buyers of new build residence in Harrow come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Harrow usually buy the real estate, 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 used to new build conveyancing in Harrow or who has acted in the same development.