Unfortunately I am unable to travel far from Blackwall. Can you please explain the reason why all Blackwall property lawyers are not on all mortgage company panels?
Pre- 2008 most banks exhibited an attitude to risk which is different than today. The FSA in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, banks have subsequently looked to extract more information from law firms concerning their processes and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the lenders insisted on.
We are acquiring our first house. Our conveyancing practitioner has texted usto see if we would like to order additional conveyancing searches. Frankly we in the dark as to what's needed for conveyancing in Blackwall
The range of Blackwall conveyancing searches should be triggered based entirely on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall approach to risk. What matters is that you adequately understand what information the searches could supply. You may then make a decision if you consider that you need that search. Should you be in doubt, ask the lawyer to provide guidance.
Completed the sale of my flat in Blackwall last May yet the purchaser is telephoning daily to say her solicitor is waiting to hear from mine. What should have happened now that I have sold?
Following your disposal your conveyancer is obliged to send the transfer documentation and all supplemental paperwork to the purchaser's conveyancer. Where relevant, your solicitor should also evidence that the legal charge in favour of the lender has been discharged to the purchasers lawyers. There are no post completion formalities just for conveyancing in Blackwall.
How does conveyancing in Blackwall differ for newly converted properties?
Most buyers of new build premises in Blackwall come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Blackwall tend to acquire 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 conveyancing solicitors 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 Blackwall or who has acted in the same development.
I was advised by a couple of local selling agents in Blackwall to get a quote from a solicitor on your site. Is there a financial incentive for Estate Agents to recommend your lawyers over and above a competitor’s?
We refuse to make any commission for directing people our way. We found it would be just too difficult a fee as a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My husband and I are disposing of a Blackwall flat we inherited six years ago in 2012. I have over twenty years conveyancing know-how and, now retired, wish to undertake the legal work. The buyer's conveyancing practitioner has informed me that their Lenders will not allow us to do our own conveyancing insisting the funds to be sent to a solicitor's bank account.
Lending requirements to conveyancing practitioners from all mainstream lenders specify that If the vendor is not legally represented the buyer’s lawyers should check whether the mortgage company needs to be informed so that a decision can be reached as to whether or not they are willing to progress.