I am progressing with the sale of my ground floor flat in Abridge and the EA has just e-mailed to say that the buyers are swapping property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to select to handle their conveyancing in Abridge ?
Lenders have always had panels of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies point to the increase 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 being contacted daily by practices that have been removed from panels. Some 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 unlikely to have any sway in the decision.
At what point will exchange of contracts take place for sale conveyancing in Abridge and do I need to be at the solicitors branch?
Where you are in close proximity to our conveyancing solicitors in Abridge you are invited in to sign the paperwork. However, the law practices we work with provide countrywide coverage for conveyancing and give just as diligent and professional a job for you when communicating with you electronically. The executing of the property agreement is not the point of no return. Signing on the dotted line simply enables the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Abridge)to be in the office at the appropriate time.
Should my lawyer be making enquiries about flooding during the conveyancing in Abridge.
The risk of flooding is if increasing concern for lawyers dealing with homes in Abridge. There are those who purchase a house in Abridge, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that may be undertaken by the purchaser or by their solicitors which will figure out the risks in Abridge. The conventional set of completed inquiry forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the seller to discover whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not notified by the seller, then a buyer may bring a legal claim for losses as a result of such an incorrect answer. The buyer’s conveyancers will also carry out an enviro search. This will reveal if there is a recorded flood risk. If so, additional investigations should be carried out.
Should I be suspicious about brokers that I am dealing with are recommending a nationwide conveyancing firm as opposed to a High Street Abridge conveyancing practice?
As with lots of professional services, often suggestions from relatives can be very helpful. But there are many people with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders may suggest conveyancers to appoint. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You have the discretion to select your own lawyer. You need to be aware that the majority of mortgage providers have an approved list of solicitors you have to use for the mortgage related work in your house move.
Can you provide any advice for leasehold conveyancing in Abridge from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Abridge can be bypassed where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold information needed by the buyers’ representatives. Many freeholders or Management Companies in Abridge charge for providing management packs for a leasehold premises. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for delay in leasehold conveyancing in Abridge. If you hold a share in a the Management Company, you should make sure that you hold the original share document. Organising a duplicate share certificate can be a lengthy process and frustrates many a Abridge home move. Where a new share is needed, you should approach the company director and secretary or managing agents (where applicable) for this sooner rather than later. You may think that you are aware of the number of years remaining on your lease but it would be advisable double-check via your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 75 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I have had difficulty in trying to purchase the freehold in Abridge. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Abridge conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Abridge flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired residue of the current lease was 69.26 years.
We are looking to purchase a repression flat in Abridge and the vendor would like to complete within a month. Do lawyers meet that timeframe? Would it be better to instruct a high street Abridge firm or an online company that professes to complete quickly?
Visit your Abridge high street. Pop in to a couple of firms and request to see a conveyancing solicitor for a quote. Set out your situation and try and obtain assurances on time frames. Choose the firm that comes across as most efficient. Be sure to use a lawyer on the list of property lawyers approved by your bank.