I am selling my home in Chobham and the EA has just telephoned to warn that the buyers are changing their conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to choose for their conveyancing in Chobham ?
UK lenders have always had an approved set of law firms they are content to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Banks blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say 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.
We see that you have a post code search directory identifying law firms on the TSB conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Chobham?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Chobham.
Will my solicitor be raising enquiries regarding flooding as part of the conveyancing in Chobham.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Chobham. There are those who purchase a property in Chobham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that can be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Chobham. The standard completed inquiry forms given to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out whether the property has suffered from flooding. In the event that the property has been flooded in past which is not notified by the vendor, then a buyer may issue a claim for damages resulting from an misleading reply. The buyer’s lawyers should also carry out an enviro report. This should reveal whether there is any known flood risk. If so, additional inquiries should be carried out.
How does conveyancing in Chobham differ for new build properties?
Most buyers of new build or newly converted property in Chobham come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Chobham 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 Chobham or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and identified one near me in Chobham I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Chobham for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Developers have recommended to me a property lawyer and I've received a quote from them. It's almost three hundred pounds cheaper than my preferred Chobham conveyancer. Should I use them?
Developers normally have lists of solicitors who expedite matters and who know the developer’s contract and solicitor. Plenty of developers offer an inducement to select their approved solicitor for this reason, any increased cost can be avoided and a developer won't put forward a conveyancing factory and run the risk of having the conveyancing stall when they want exchange within a tight time frame. A counter-argument for not agreeing to use the recommended conveyancer is that they may be hesitant to fight for your interests at the risk of alienating the housebuilder. Where you have concerns that this may be the situation you should keep with your high street Chobham property lawyer.