I am nearing exchange of contracts for my flat in Honor Oak and the EA has just telephoned to advise that the buyers are appointing a new solicitor. The excuse is that the lender will only work with solicitors on their approved list. Why would a major mortgage company only work with certain law firms rather the firm that they want to choose for their conveyancing in Honor Oak ?

Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

Lenders blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say 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. Your buyers are not going to have any impact on this.

I am purchasing a semi-detached house in Honor Oak. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?

Leaving aside the complexities and merits of DIY conveyancing in Honor Oak you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Honor Oak.

Do commercial conveyancing searches reveal planned roadworks that could affect a commercial site in Honor Oak?

Many commercial conveyancing solicitors in Honor Oak will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in sourcing accurate data on highways that impact buildings and development assets in Honor Oak. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Honor Oak.

For each commercial conveyancing transaction in Honor Oak it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Honor Oak commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Honor Oak.

How does conveyancing in Honor Oak differ for newly converted properties?

Most buyers of new build residence in Honor Oak contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Honor Oak 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 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 Honor Oak or who has acted in the same development.

Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Honor Oak is the location of the property. Can you shed any light on this issue?

Flying freeholds in Honor Oak are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Honor Oak you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Honor Oak may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.