I am progressing with the sale of my flat in Covent Garden and the estate agent has just text me to warn that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a major lender only work with certain law firms rather the firm that they want to select for their conveyancing in Covent Garden ?
Banks have always had panels of law firms that can act for them, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Banks justify this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. Banks tend not to reveal 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 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. The buyers are unlikely to have any impact on this.
All was ready to move into my new home in Covent Garden next Tuesday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These requirements are not unique to conveyancing in Covent Garden.
If you had a top tip for selecting a conveyancing solicitor in Covent Garden what would it be?
Do not opt for the lowest Covent Garden conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
This question may be naive but I am wet behind the ears as FTB of a two bedroom flat in Covent Garden. Do I receive the keys to the house on completion from my conveyancer? If so, I will appoint a local conveyancing solicitor in Covent Garden?
On the day of completion you will not be required to go to the conveyancers office in Covent Garden. Your solicitors will electronically transfer the purchase money to the vendor’s lawyers, and once they have received this, you should be invited to collect the keys from the property Agents and start moving into the property. This tends to happen early afternoon.
My partner and I have arranged a further advance on our home loan from Virgin Money as we wish to carry out improvements to our house in Covent Garden. Are we obliged to select a bricks and mortar Covent Garden solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money would not normally appoint a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money list.
I used Arc property Solicitors several years ago for my conveyancing in Covent Garden. Now, I need my files however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Covent Garden of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Covent Garden differ for newly converted properties?
Most buyers of new build or newly converted property in Covent Garden contact 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 developers in Covent Garden tend to buy the site, 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 property lawyers 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 Covent Garden or who has acted in the same development.
Given that I will soon spend hundreds of thousands of pounds on a property in Covent Garden I would like to have a conversation with the conveyancer regarding thehome move in advance of instructing the firm. Is this something that you can arrange?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you first talking to the lawyer who will be carrying out your conveyancing in Covent Garden.There is no ‘factory style conveyancing’ - each client is an important person, not a case number. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Covent Garden should be the figure that you end up paying.