I am in the process of selling my flat in Colliers Wood and the estate agent has just text me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to appoint to handle their conveyancing in Colliers Wood ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise 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 unlikely to have any impact on this.
Me and my partner are about to exchange on the purchase of a house in Colliers Wood but as a result of damage from the recent storms I have was able negotiate recompense from the vendor in the sum of £2k in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet Leeds Building Society will not permit this. Why were they approached?
Any solicitor being on the Leeds Building Society approved list is required to advise Leeds Building Society of any amendments to the purchase price. If you prohibit your solicitor to disclose the price change to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new lawyer for your conveyancing in Colliers Wood.
When can the exchange of contracts occur in purchase conveyancing in Colliers Wood and am I required to be at the lawyers branch?
Where you are round the corner to one of the conveyancing solicitors in Colliers Wood you are welcome to attend to sign the paperwork. However, the law practices we work with supply a nationwide conveyancing service and give just as comprehensive and professional a job for you when dealing with you electronically. The signing of the contract is not the important part. Signing on the dotted line is necessary for the solicitor to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Colliers Wood)to be in the office at the appropriate time.
I am planning to move property in August. Will my conveyancing solicitor update the removal company on the completion day. On a separate note, can you suggest a removal company in Colliers Wood. Conveyancing solicitor was organised before I stumbled across your website.
On the afternoon of completion you will need to collect the house keys from your estate agent however this should only occur when the sellers solicitors confirm to the agent that they acknowledge receipt of the completion payment and the keys can be collected. You will need to inform the removal men that you are ready to move in. As a matter of policy we do not suggest a particular removal organisation but can assist you in finding a conveyancing in Colliers Wood or a firm that specialises in conveyancing in Colliers Wood.
When it comes to lenders such as Nationwide, do Colliers Wood conveyancing practitioners incur a yearly amount to be on the list of approved solicitors?
We are unaware of any lender fees to register on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
I was told three weeks ago that my mortgage has been agreed to by Nottingham. Is it usual for Nottingham to only issue the offer once my solicitor in Colliers Wood is approved on their conveyancing panel? Nottingham have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Nottingham to deal with your lawyer's application to be on the Nottingham conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will our lawyer be making enquiries concerning flooding as part of the conveyancing in Colliers Wood.
The risk of flooding is if increasing concern for solicitors dealing with homes in Colliers Wood. There are those who purchase a house in Colliers Wood, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to give advice on flood risk, but there are a numerous checks that may be carried out by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Colliers Wood. The conventional set of completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to find out if the property has ever been flooded. If the premises has been flooded in past which is not revealed by the seller, then a purchaser could commence a compensation claim stemming from an incorrect reply. A purchaser’s conveyancers should also commission an enviro report. This should disclose if there is any known flood risk. If so, more detailed inquiries will need to be conducted.
About to purchase a new build apartment in Colliers Wood. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Colliers Wood
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. There must be mutual enforceability of lessee’s covenants.