I am not in a position to travel far from Lower Morden. I would like to know the logic why all Lower Morden conveyancers are not on all lender panels?
Mortgage Companies tend to restrict either the type or the number of conveyancing solicitors on their panel. Frequent examples of such criteria being that a organisation must have at least two partners. In addition to restricting the type of firm, some building societies decided to limit the size of their panel they use to represent them. It is worth noting that lenders have no accountability for the accuracy of conveyancing given by any Lower Morden property lawyer on their panel. Increases in mortgage fraud was the main trigger for the rationalisation of solicitor panels a few years ago even though there are conflicting opinions concerning the extent of solicitor involvement in some of that fraud. Statistics via HM Land Registry indicates that thousands of law firms only transact less than three conveyances a year. Those supporting conveyancing panel culls question why law firms should have the right to be listed on a bank panel when it is evident that property law is not their speciality?
We are soon to complete buying a property in Lower Morden but as a consequence of damage from some water damage at the property I have managed to agree recompense from the seller of six thousand pounds in the form of a deduction in the price. This was going to be dealt with as part of the conveyancing process however RBS will not permit this. Should they have been approached?
Any conveyancing practitioner that is on the RBS conveyancing panel is obliged to disclose to RBS of any amendments to the sale price. If you were to refuse your conveyancing practitioner to report the price change to RBS then they would have to discontinue acting for you. In addition, RBS and you would have to appoint a new conveyancing practitioner for your conveyancing in Lower Morden.
Do all mortgage companies provide you with an approved list of Lower Morden conveyancing solicitors? How do you know who is on the Leeds Building Society conveyancing panel?
Lower Morden conveyancing firms themselves provide us confirmation that they are on the Leeds Building Society conveyancing panel as opposed to being supplied with a list from Leeds Building Society directly.
Will our solicitor be raising questions regarding flooding as part of the conveyancing in Lower Morden.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Lower Morden. Some people will acquire a house in Lower Morden, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that can be undertaken by the buyer or by their solicitors which will figure out the risks in Lower Morden. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to determine if the premises has ever been flooded. In the event that the property has been flooded in past and is not disclosed by the owner, then a buyer could commence a legal claim for losses as a result of such an inaccurate response. A buyer’s lawyers may also commission an enviro search. This should indicate if there is any known flood risk. If so, further inquiries will need to be conducted.
I'm remortgaging my primary property to a buy to let mortgage with Yorkshire Building Society and I will use the ballance of the raised equity towards another house. The location we are looking at is Lower Morden. Will your solicitors be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to check that the solicitors are on the appropriate lender panels. On the basis that they are the conveyancer should be able to simultaneously deal with the two conveyancing matters but you should talk with you conveyancer and make apparent your expectations and needs.
I have miscalculated my finances and am a couple of grand short a 10% deposit on my house purchase in Lower Morden , but I still want to proceed. What can I do?
You can agree a lower deposit. Many vendors will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second