I am 3 weeks into the sale of my apartment in Walworth and the EA has just text me to warn that the purchasers are changing their law firm. The excuse is that the lender will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Walworth ?
UK lenders have always had panels of law firms they are content to work with, but in the past few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any sway in the decision.
I am purchasing a house for cash in Walworth. I have been living for the last Seventeen years in Walworth. Conveyancing searches are a lot of money. As I know the area and road intimately must I have all the conveyancing searches?
In the absence of a mortgage, then all but one or two of the Walworth conveyancing searches are optional. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches completed, but he is duty bound to do this. One thing to take into account; if you are likely to dispose of the house at a future date, it will likely be be of interest to your future purchaser what the searches disclose. There are plenty of instances where houses with day to day issues can still throw up detrimental search results. A good conveyancing solicitor in Walworth will be able to give you some practical advice concerning this.
We see that you have a search directory identifying firms on the Yorkshire BS conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Walworth?
We are a listing service only for law firms wishing to communicate if they are on the Yorkshire BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Walworth.
Is it the case that all Walworth CQS (Conveyancing Quality Scheme) solicitors are on the Virgin Money conveyancing panel?
A selection of banks and building societies now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
When it comes to lenders such as Nationwide, do Walworth conveyancers face a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I am currently in the process of buying my council flat in Walworth. I have a mortgage agreed with Bank of Ireland. 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 have 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 Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.
Should our conveyancer be asking questions about flooding as part of the conveyancing in Walworth.
Flooding is a growing risk for solicitors carrying out conveyancing in Walworth. Some people will buy a property in Walworth, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, but there are a number of checks that may be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Walworth. The standard property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the vendor, then a purchaser could issue a compensation claim as a result of such an inaccurate response. A buyer’s lawyers will also commission an enviro report. This will higlight whether there is any known flood risk. If so, more detailed investigations should be made.
How does conveyancing in Walworth differ for newly converted properties?
Most buyers of new build property in Walworth come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Walworth typically buy 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 accustomed to new build conveyancing in Walworth or who has acted in the same development.