I am nearing an exchange on a house in North Harrow and my parents have transferred the 10% deposit to my lawyer. I am now informed that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your property lawyer is obliged to clarify with mortgage company to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
We wanted to use a conveyancing solicitor in North Harrow for our house purchase. Our financial adviser informed us that our mortgage company Platform Home Loans Ltd won't deal with them. Surely this is unduly restrictive?
Lenders tend to restrict either the category or the volume of conveyancing solicitors on their panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, some have decided to limit the number of firms they allow to act for them. Be aware that Platform Home Loans Ltd have no responsibility for the quality of advice provided by any member of Platform Home Loans Ltd Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there are mixed views about the extent of solicitor engagement in some of that fraud. Figures from the Land Registry indicate that plenty of law firms, including some in or near North Harrow only carry out a couple conveyances per annum.
How does conveyancing in North Harrow differ for new build properties?
Most buyers of new build property in North Harrow approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in North Harrow usually purchase 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 property lawyers 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 North Harrow or who has acted in the same development.
I was recommended by a couple of local property agents in North Harrow to get a quote from a conveyancer on your site. What’s the financial advantage for Estate Agents to promote your services over another?
We refuse to make any commission for sending work in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am using a search engine for the term cheap conveyancing in North Harrow it brings up many property lawyerslocally. How do I determine which is the right property lawyer for the sale of my house?
The ideal method of choosing the right conveyancer is via trusted testimonial, so seek the guidance of friends and family who have acquired a property in North Harrow or a reputable estate agent or financial adviser. Fees for conveyancing in North Harrow differ, so it's a good idea to secure at least three estimates from varying types of companies. Make sure that you clarify that the charges are assured not to escalate.
Me and my husband are first time buyers just having agreed a price on a property in North Harrow, and need to get solicitors appointed. I have made use of the various rating tools and the results are from all across the country. Is it necessary to have a North Harrow lawyer local to the prospective house? We are content to do all the communicating over email, but I guess at some stage we may be required to physically go into the property lawyer's office to sign contracts?
The solicitor does not need to be in North Harrow, but choosing local means that you have the option to go in if you need to, by way of example, if a signature is immediately necessary. Furthermore, a North Harrow solicitor is likely to be familiar with local agents and (if the vendor has chosen a local conveyancer) with them, which should help smooth the process.