My fiance and I are hoping to purchase a house in East London and have appointed a East London conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Aldermore have this morning contacted us to inform me that they have now hit a problem as our East London solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred East London lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
We are soon to exchange on the purchase of a property in East London but as a consequence of damage from the recent storms I have was able negotiate compensation from the vendor in the sum of six thousand pounds in the form of a reduction in the price. This was going to be addressed as part of amending the contract yet Yorkshire BS will not permit this. Should they have been notified?
Any conveyancer that is on the Yorkshire BS conveyancing panel is duty bound to disclose to Yorkshire BS of any changes to the purchase price. If you were to refuse your lawyer to report the price change to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new lawyer for your conveyancing in East London.
I am looking to buy a house and require a conveyancing solicitor in East London who is on the Nottingham Building Society solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nottingham Building Society in certain locations such as East London. We dont recommend any particular firm.
I am looking into buying my first house which is in East London and I am already nervous. I couldn't find anything specific about East London. Conveyancing will be needed in due course but do you know about the East London area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at East London. In the meantime here are some basic statistics that we found
My husband and I are novice buyers - agreed a price, but the agent has warned us that the owners will only go ahead if we use the agent's preferred solicitors as they need a ‘quick sale’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in East London
We suspect that the owner is unaware of this requirement. Should the owner desire ‘a quick sale', alienating a serious buyer is not the way to achieve this. Bypass the agents and go straight to the sellers and explain that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you are going to appoint your preferred East London conveyancing lawyers - as opposed tothose that will give their negotiator at the agency a commission or hit his conveyancing targets set by head office.
When it comes to my conveyancing in East London should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some East London conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.