I am in a contract race with another prospective purchaser for a property in Sydenham. What can I do to speed up matters?
In the event that the seller is applying pressure for your conveyancing we would recommend that your conveyancer is familiar with the location as they will make use of local contacts and intelligence. It is even conceivable that they would have handled previoushouses in the same road. You would be best advised to use a Sydenham conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that just under twenty per cent of Sydenham conveyancing deals are held up or derailed after finding out that a buyer’s lawyer was not on their banks panel. This can often result in the transaction being frustrated by an average of three weeks. It is believed that this issue impacts in the region of one hundred thousand home moves every year. Almost all Sydenham conveyancing firms can not act for certain banks so do check at the outset.
I have an AIP. The lender mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather appoint a Sydenham based conveyancing firm?
Do check but the the likelihood is that appoint one of their panel conveyancers where you want the "fee-free" deal. Speak to the bank and ask if they allow a monetary alternative. Some mortgage companies have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor in Sydenham.
My partner and I have organised the release of further funds on our mortgage from Virgin Money as we intend to carry out alterations to our home in Sydenham. Do we need to select a local Sydenham solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money don't usually appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
We have agreed to purchase a house in Sydenham. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As you are obtaining a mortgage with UBS your lawyer must check the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook includes minimum requirements for solar panel roof-space leases, and property lawyers are required to report to UBS where a lease does not meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not limited to Sydenham.
It is unclear whether my bank requires a lease extension. I have telephoned my Sydenham bank branch on numerous occasions and was advised it wasn't a problem and they will lend. My Sydenham conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the lender approved list, she or he must follow the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Sydenham differ for new build properties?
Most buyers of new build property in Sydenham contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Sydenham tend to acquire the land, 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 Sydenham or who has acted in the same development.
I need to instruct a conveyancing practitioner in Sydenham for my purchase. Is there any facility to see a firm’s complaints history with the profession’s regulator?
Members of the public can search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after 1 January 2008. Visit Check a solicitor's record. For records Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA may recorded telephone calls for training purposes.
I am seeking to buy a repossessed property in Sydenham and the mortgagee in possession would like to complete inside a week. Do solicitors complete in this timeframe? Am I best advised to instruct a local Sydenham firm or an online company that advertises to offer speedy conveyancing?
Visit your Sydenham shopping parade. Go in to 3 solicitor’s offices and request to see a conveyancing solicitor for an estimate. Set out your situation and seek a commitment on time frames. Select the one that comes across as most genuine. Make sure to use a conveyancing practitioner on the list of lawyers acceptable to your mortgage company.