I am in the process of selling my home in Wallington and the EA has just text me to say that the purchasers are switching law firm. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a leading mortgage company only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Wallington ?
Mortgage companies have always had an approved set of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened 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 claims that it is being contacted daily by practices 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 buyers are not going to have any impact on this.
The owners have rather pushy vendors who has insisted on a exclusivity contract with a payment 6,000. Are such agreements sensible?
This form of contract isn't frequently used in Wallington, conveyancers will often sway clients away from them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the lawyer is left exposed. Furthermore, there is no certainty that just because the proprietor has signed an exclusivity agreement they will complete the sale with you. They may be inclined to break the agreement if they receive sufficient incentive to do so because a wronged purchaser with the benefit of a lockout agreement will still have to establish consequential losses from the breach and this may not equalise the financial upside that your seller may secure by breaching the contract, no matter how morally shameful it undoubtedly is.
Having sold my house in Wallington last May yet the purchaser is whats apping daily to say his lawyer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your sale your conveyancer is committed to forward the transfer deeds and all additional paperwork to the buyer’s solicitors. Where appropriate, your solicitor should also confirm that the legal charge in favour of the lender has been discharged to the buyers solicitors. There are no post completion tasks just for conveyancing in Wallington.
The deeds to our home are lost. The conveyancers who handled the conveyancing in Wallington 5 years ago no longer exist. What are my options?
Nowadays there are duplicates made of almost everything, and your conveyancer will know exactly where to find all the appropriate paperwork so you may purchase or sell your property without a hitch. Where copies can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
I am purchasing a new build house in Wallington benefiting from help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not disclose to my solicitor about this extras as it may affect my loan with Aldermore. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
My step-father has suggested that I appoint his lawyers for conveyancing in Wallington. Do I follow his advice?
No doubt the ideal way to find a conveyancing solicitor is to seek feedback from friends or relatives who have used the firm you're considering.