I am selling my ground floor flat in Chingford and the EA has just called to advise that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. On what basis would a big named lender only deal with specific solicitors rather the firm that they want to appoint for their conveyancing in Chingford ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks blame a rise in fraud as the reason for the cull – 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 claims that 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. Your purchasers are not going to have any sway in the decision.
Why do I have to pay up front when it comes to conveyancing in Chingford?
If you are buying a property in Chingford your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the Local Authority Search. When the down payment is as part of the purchase price then this should be asked for immediately before exchange of contracts. The final balance that is due will be payable shortly before completion.
How does conveyancing in Chingford differ for new build properties?
Most buyers of new build property in Chingford come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Chingford 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 property lawyers 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 Chingford or who has acted in the same development.
I need to retain a conveyancing solicitor for sale conveyancing in Chingford. I happened to stumble upon a web site which looks to be the ideal offering If there is a chance to get all the legals done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
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?
We have recently had a bid accepted on our first home in Chingford, and are now looking to get solicitors appointed. I have made use of the numerous comparison based websites and the results are from all over the country. Is it advisable to have a Chingford property lawyer local to our prospective property? We are fine to do everything electronically, but I am thinking at some point we may need to attend the property lawyer's office to sign papers?
The conveyancing practitioner does not need to be in Chingford, but opting for local means that you have the option to visit their offices if needed, by way of example, if a signature is immediately necessary. In addition, a Chingford solicitor have established relationships with local agents and (if the vendor has instructed a local solicitor) with them, which will help keep things moving faster.