I am in a contract race with another buyer for a property in Chafford Hundred. What can I do to speed up matters?
First, If you are under pressure to complete we would recommend that your lawyer is familiar with the area as they will have local contacts and intelligence. It is even conceivable that they could have conducted otherhomes in the same road. You would be best advised to use a Chafford Hundred conveyancing lawyer. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is said that 18% of Chafford Hundred conveyancing deals are frustrated or derailed after discovering a buyer’s conveyancer was not on their mortgage lender’s panel. In many cases this discovery resulted in the buying process being held up by as much as 21 days. It is understood that this issue impacts approximately 100,000 home moves every year. Most Chafford Hundred conveyancing practices can not act for certain lenders so do check as early as possible.
At what point will exchange of contracts take place for purchase conveyancing in Chafford Hundred and am I required to be at the conveyancers branch?
If you are local to our conveyancing solicitors in Chafford Hundred you are welcome to attend to sign contracts. That being said, the firms we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chafford Hundred)to be in the office at the appropriate time.
We wanted to use a conveyancing solicitor in Chafford Hundred for our home move. Our financial adviser has since advised us that our mortgage lenders Lloyds TSB Bank won't deal with them. Surely this is unduly restrictive?
Banks normally imposes restrictions either the category or the volume of conveyancing practices on their approved list of lawyers. Typical examples of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, a few banks have reduced the number of firms they use to represent them. You should note that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are differing opinions regarding the level of solicitor engagement in some of that fraud. Data from the Land Registry indicate that plenty of law firms, including some in or near Chafford Hundred only carry out one or two conveyances per annum.
Is it the case that all Chafford Hundred solicitor firms on the RBS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in such a situation the firms would be governed by the Council of Licensed Conveyancers.
We were going to get a OIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Lloyds recommend any Chafford Hundred solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Chafford Hundred solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Our offer on a house in Chafford Hundred has been accepted, but there is a chain. The vendors have put an offer on a property, however it’s not been accepted yet, and have viewings of other flats booked. I have instructed a bricks and mortar conveyancing solicitor in Chafford Hundred. What should be my next step? At what stage should I apply for the mortgage with Clydesdale?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then survey, Chafford Hundred conveyancing search charges, etc). The first thing to do is ensure that your lawyer is on the Clydesdale approved list. Concerning the subsequent stages this very much dictated by the specifics of your transaction, attraction to the property and on the state of the market. During a buoyant market some home buyers would apply for the mortgage with Clydesdale and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to move forward with searches.
Should my solicitor be raising enquiries concerning flooding as part of the conveyancing in Chafford Hundred.
The risk of flooding is if increasing concern for solicitors dealing with homes in Chafford Hundred. Some people will buy a property in Chafford Hundred, 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 get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a number of searches that may be undertaken by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Chafford Hundred. The conventional set of information supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to find out if the property has suffered from flooding. In the event that the property has been flooded in past and is not revealed by the seller, then a purchaser may issue a compensation claim resulting from an incorrect response. A purchaser’s solicitors may also order an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed investigations will need to be made.
My step-son is about to join the property ladder, the home loan was agreed last week in principle. When the seller agreed the offer on the flat we rang the building society to progress the mortgage application. I was very surprised to discover that mortgage lenders do not accept all property lawyer, they have to be on a list, is this right?
Banks tend to restrict either the type or the number of conveyancing firms on their panel. 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 Chafford Hundred property lawyer 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? Unlikely.