We are buying a 3 bedroom apartment in Clapham with a mortgage. We like our Clapham conveyancer, but the lender says he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or retain our Clapham property lawyer and pay for one of their panel ones to act for them. This seems very unfair; can we not demand that the mortgage company use our Clapham property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Clapham conveyancing solicitor to apply to be on the conveyancing panel.
I am under pressure from the owner of a property in Clapham to sign contracts within four weeks. What can I do to speed up matters?
In the event that you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will have local relationships and insight. It is even conceivable that they could have conducted otherproperties in the same neighbourhood. You would be best advised to use a Clapham conveyancing lawyer. In addition, make sure that the lawyer is on the lender panel. It is claimed that 18% of Clapham conveyancing transactions are delayed or jeopardised after discovering a purchaser’s lawyer was not on their banks member panel. In many cases this discovery resulted in the buying process being frustrated by an average of three weeks. It is believed that this issue impacts in the region of 100,000 home sales annually. Many Clapham conveyancing firms can not represent certain lenders so do check at the outset.
Why do I have to pay up front for my conveyancing in Clapham?
Where you are retaining lawyers for conveyancing in Clapham your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the sale price then this should be asked for shortly prior to exchange of contracts. The final balance that is due will be payable shortly before completion.
What can a local search reveal concerning the property my wife and I purchasing in Clapham?
Clapham conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every Clapham conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search should supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
How does conveyancing in Clapham differ for new build properties?
Most buyers of new build residence in Clapham approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Clapham typically purchase the land, 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 Clapham or who has acted in the same development.
Is it best to use a Clapham conveyancing practitioner in close proximity to the house I am purchasing? I have an old university friend who can deal with the legal formalities however they are based 400kilometers away.
The benefit of a high street Clapham conveyancing firm is that you can attend the office to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Clapham know how is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and on the whole were impressed that should outweigh using an unknown Clapham conveyancing solicitor just because they are Clapham based.