I can't travel far from East Dulwich. I would like to know the reason why all East Dulwich lawyers aren't included on all bank panels?
Pre- 2008 most banks had an approach to risk which is different from today. The Financial Services Authority in 2010 instigated a thematic review into mortgage fraud which concluded: know the solicitors on your panel. Accordingly, lenders have subsequently looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the mortgage companies insisted on.
The owners of the property we are looking to purchase are using a conveyancing practitioner in East Dulwich who has recommended a preliminary agreement with a non-refundable deposit of 5k. Are such agreements sensible?
There are a couple of main concerns with signing a lock out agreement (sometimes referred to as a no-shop agreement) is that it can distract from progressing with the conveyancing process, so unless it requires limited or no negotiation then it may transpire to be a hindrance. It is not particularly popular by East Dulwich conveyancing practitioners as a result. A further concern is the extent of the remedies available - a jilted buyer is not likely to be granted an injunctive ruling by a court to stop the vendor disposing of the property to an alternative purchaser, so the only remedy open via the contract will be the recovery of abortive charges and, in limited scenarios, the additional payment of damages.
When it comes to mortgage companies such as Yorkshire BS, do East Dulwich solicitors incur a fee to be on the list of approved solicitors?
We are not aware of any lender fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I am buying a property in East Dulwich. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Santander be concerned?
As you are obtaining a mortgage with Santander your lawyer must comply with the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to Santander where a lease does not meet these requirements. The requirements relate to the installation of panels on properties nationwide and is not isolated to East Dulwich.
We were going to get a AIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nationwide recommend any East Dulwich solicitors on the Nationwide conveyancing panel, or is it better to find our own lawyer?
You will need to appoint East Dulwich solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.
I have been told that property searches are the primary cause of obstruction in East Dulwich conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in East Dulwich.
As co-executor for the will of my aunt I am disposing of a property in Monmouth but I am based in East Dulwich. My conveyancer (who is 250 kilometers from merequires that I sign a statutory declaration before the transaction finalising. Can you recommend a conveyancing practitioner in East Dulwich who can witness this legal document for me?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are located in East Dulwich
How and when do I incur stamp duty due for my purchase in East Dulwich?
Your conveyancing practitioner will fill out a Land Transaction Return Form for you during your East Dulwich purchase transaction for signature. On completion your conveyancer will submit the Land Transaction Return Form to the Inland Revenue and - as long as they have the money - pay any land tax due for you.