I am 3 weeks into the sale of my maisonette in East Barnet and the EA has just text me to say that the purchasers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in East Barnet ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Mortgage companies justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. 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. 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 purchasers are not going to have any impact on this.
Last September we completed a house move in East Barnet. We have since encountered a number of issues with the property which we suspect were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been conducted for conveyancing in East Barnet?
The query is not clear as to the nature of the problems and if they are specific to conveyancing in East Barnet. Conveyancing searches and investigations initiated during the buying process are carried out to help avoid problems. As part of the legal transfer of property, a property owner fills in a form referred to as a Seller’s Property Information Form. If the information provided is inaccurate, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in East Barnet.
We see that you have a post code search directory listing solicitors on the Bank of Ireland conveyancing panel. Do companies pay you a referral fee if I retain them for our own conveyancing in East Barnet?
We are a listing service only for law firms wishing to communicate if they are on the Bank of Ireland conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in East Barnet.
I have been told that property searches are the number one reason for obstruction in East Barnet conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in East Barnet.
Over the last few months I have been searching for a flat up to £195,000 and found one round the corner in East Barnet I like with amenity areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in East Barnet in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may 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 term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
My conveyancing in East Barnet is set to complete this Friday, yet the owners I am buying from wishes to move out 24 hours later at midday. Can I agree to such a plan?
It is not possible to complete on a Saturday due to the bank systems aren't working.