I am progressing with the sale of my flat in Queenborough and the estate agent has just telephoned to say that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Queenborough ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions attribute this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
My grandson is buying a house that has just been built in Queenborough with a mortgage from Kent Reliance. His lawyer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Will conveyancers ask for money up-front for conveyancing in Queenborough?
Where you are retaining lawyers for conveyancing in Queenborough your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. Generally this is called for to cover the fees of the conveyancing searches. If any down payment is payable against the total price then this should be required shortly in advance of contracts are exchanged. The closing balance that is due should be transferred a couple of days ahead of the completion date.
Will my solicitor be making enquiries about flooding during the conveyancing in Queenborough.
The risk of flooding is if increasing concern for lawyers dealing with homes in Queenborough. There are those who purchase a property in Queenborough, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, but there are a number of checks that can be carried out by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Queenborough. The standard completed inquiry forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to find out whether the property has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a purchaser could issue a legal claim for losses stemming from an misleading reply. A buyer’s conveyancers may also order an enviro search. This will higlight whether there is any known flood risk. If so, more detailed inquiries will need to be conducted.
Should I be wary that brokers that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Queenborough conveyancing company?
As with lots of service providers, often referrals from relatives can be worth their weight in gold. But there are lots of players in a conveyancing deal; estate agents, mortgage brokers and banks might all recommend lawyers to instruct. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a commercial relationship behind the recommendation. You are at liberty to choose your preferred lawyer. Don't forget that some banks operate an approved list of law firms you are obliged to use for the lender related work in your transaction.
I need to instruct a conveyancing solicitor for sale conveyancing in Queenborough. I've chance upon a site which seems to have the perfect answer If it is possible to get all formalities completed via email that would be ideal. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?