The housing market in Bankside is heating up. What can be done to quicken up the buying process?
Where you are under time constraints to complete we would recommend that your lawyer is familiar with the area as they will have local relationships and know-how. It is possible that they could have handled otherhouses in the same neighbourhood. Therefore consider using a Bankside conveyancing lawyer. Second, double check that the lawyer is on the lender panel. It is estimated that 18% of Bankside conveyancing transactions are held up or jeopardised after finding out that a buyer’s conveyancer was not on their banks panel. In many cases this discovery resulted in the conveyancing being delayed by as much as 21 days. It is said that this issue impacts in the region of 100,000 home moves every year. Most Bankside conveyancing firms can not act for certain mortgage companies so do check as early as possible.
Why do I have to pay up front when it comes to conveyancing in Bankside?
Where you are retaining lawyers for conveyancing in Bankside your lawyer will request that you place them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be required shortly ahead of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
How does conveyancing in Bankside differ for new build properties?
Most buyers of new build property in Bankside approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Bankside tend to 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 used to new build conveyancing in Bankside or who has acted in the same development.
How easy is it to transfer to a new firm as I have to choose a firm on the Godiva Mortgages Ltd conveyancing panel. I had appointed a local conveyancing solicitor in Bankside round the corner but the firm is not approved by Godiva Mortgages Ltd
It would be our pleasure to assist you select a conveyancing solicitor in Bankside on the Godiva Mortgages Ltd panel. Please note that the conveyancers that we work with do not pay us commission if you instruct them and are authorised and regulated by the SRA who oversee all conveyancing solicitors in Bankside. In utilising search facility on this page, you can contrast fees for conveyancing solicitors in Bankside and beyond.
I need to retain a conveyancing solicitor for sale conveyancing in Bankside. I have land on a web site which seems to have the ideal answer If it is possible to get all formalities done via web that would be preferable. Should I be wary? 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?
My 20yr old son is just in the process of moving home, he had his mortgage in principle. After the seller agreed the offer on the house we telephoned the mortgage institution to move forward with his. I was shocked to learn that banks do not accept all lawyer, they must be on their panel, is this legal?
Lenders tend to imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bankside solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.