My husband and I are hoping to purchase a house in Upper Tooting and are in fact using a Upper Tooting conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays Direct have this evening contacted us to inform me that they have now hit a problem as our Upper Tooting lawyer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Upper Tooting solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am under pressure from the executor of a property in Upper Tooting to complete within four weeks. What can I do to expedite matters?
In the event that you are under pressure to sign contracts it is highly recommended that your solicitor is familiar with the location as they will benefit local relationships and know-how. It is possible that they may have handled previoushomes in the same road. You would be best advised to use a Upper Tooting conveyancing solicitor. Second, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that nearly one in five of Upper Tooting conveyancing deals are frustrated or derailed after discovering a buyer’s conveyancer was not on their banks member panel. In many cases this discovery resulted in the conveyancing being frustrated by as much as 21 days. It is said that this issue impacts in the region of one hundred thousand home moves every year. Almost all Upper Tooting conveyancing firms can not represent certain mortgage companies so do check at the outset.
It is a dozen years since I purchased my property in Upper Tooting. Conveyancing solicitors have recently been instructed on the sale but I can't locate my title deeds. Will this cause complications?
You need not be too concerned. Firstly the deeds may be with the lender or they could be in the possession of the lawyers who acted in the purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Upper Tooting relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
How does conveyancing in Upper Tooting differ for newly converted properties?
Most buyers of new build premises in Upper Tooting contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Upper Tooting 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 Upper Tooting or who has acted in the same development.
Whilst your website is a good idea there are many lawyers listed near Upper Tooting being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the bank approved panel?
We do not recommend specific Upper Tooting firms as the right Upper Tooting conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Upper Tooting knowledge or you might be looking for the low cost conveyancing. We recommend that you speak to 3 or 4 lawyers listed before you make your choice..