I am progressing with the sale of my flat in Tottenham and the estate agent has just e-mailed to say that the buyers are swapping solicitor. The reason given is that the mortgage company will only engage with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Tottenham ?
Lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. 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. Some 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. Your buyers are unlikely to have any impact on this.
How up to date is your search tool for Tottenham conveyancing solicitors on the Bank of Ireland conveyancing panel? Do Bank of Ireland send you an updated list?
Tottenham conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Tottenham. Do I pick up the keys to the property on the completion date from my conveyancer? If this is the case, I will instruct a local conveyancing solicitor in Tottenham?
On the day of completion you will not be required to attend the conveyancers office in Tottenham. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be invited to pick up the keys from the selling Agents and move into your new home. Usually this occurs early afternoon.
A colleague pointed out to me me that in purchasing a property in Tottenham there may be various restrictions affecting the ability to carry out external changes to the property. Is this right?
There are a number of properties in Tottenham which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Tottenham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I have decided to exercise my right to buy my property in Tottenham off the council. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I need some quick conveyancing in Tottenham as I have a deadline to complete in less than one month. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not taking a home loan you have the choice not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Tottenham the following are instances of what can arise and adversely impact the marketability of the property: Enforcement Notices, Outstanding Charges, Overdue Grants, Road Schemes,...
I have todaybeen informed that Stirling Law have closed. They carried out my conveyancing in Tottenham for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is in my name in the name of the previous owner?
The quickest way to check if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Tottenham conveyancing specialists.
How does conveyancing in Tottenham differ for newly converted properties?
Most buyers of new build premises in Tottenham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Tottenham tend to acquire 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 Tottenham or who has acted in the same development.