I am in the process of selling my apartment in Charing Cross and the EA has just e-mailed to warn that the buyers are switching conveyancer. The reason given is that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Charing Cross ?
UK lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
IfI was to purchase a simple residential homein Charing Cross for cash and dispense with a survey and no local authority searches how much could I expect to to save on my conveyancing in Charing Cross?
Any savings you would achieve will be limited to the Charing Cross conveyancing searches. The lawyer is required to do the vast majority of work - money laundering, liaising with the vendors conveyancing practitioner, stamp duty return, register the title etc. You might save a bit for them not needing to register a charge however it won't be a lot.
Why do I have to pay up front for conveyancing in Charing Cross?
If you are buying a property in Charing Cross your solicitor will ask you to provide 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 total price then this will be required shortly in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
We are expecting a mortgage offer soon. The bank mentioned the loan came with free conveyancing. Does this mean I have to instruct their panel conveyancer as I would much rather appoint a Charing Cross based conveyancing firm?
You should check but the chances are that give you one of their panel conveyancers should you accept the "fee-free" offer. Contact the mortgage company to check if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor in Charing Cross.
My relative recommended that where I am buying in Charing Cross I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Charing Cross conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Charing Cross around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Charing Cross Education with maps and statistics, Local Amenities and other useful data concerning Charing Cross.
How does conveyancing in Charing Cross differ for new build properties?
Most buyers of new build or newly converted property in Charing Cross approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Charing Cross typically purchase 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 Charing Cross or who has acted in the same development.