I am progressing with the sale of my maisonette in Eastney and Southsea and the estate agent has just text me to advise that the buyers are switching conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. On what basis would a leading mortgage company only work with specific law firms rather the firm that they want to choose to handle their conveyancing in Eastney and Southsea ?
Mortgage companies have always had an approved set of law firms they are willing 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 represented them for many years.
Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. 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. The buyers are not going to have any sway in the decision.
The sellers of the property we are purchasing are using a conveyancing solicitor in Eastney and Southsea who has suggested a exclusivity agreement with a non-refundable deposit 6,000. Are such agreements sensible?
There are two main concerns with executing a lock out contract (occasionally referred to as a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing process, so in the absence of it needing limited or no negotiation then it may turn out to be a cause of frustration and delay. It is not promoted by Eastney and Southsea conveyancing solicitors for this reason. A further issue is the extent of the remedies available - a jilted purchaser should not expect to win an injunctive ruling by a court to stop the seller disposing of the property to another buyer, so the only remedy available under the agreement will be the recovery of abortive costs and, in rare circumstances, the extra payment of damages.
We are selling our property in Eastney and Southsea and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Eastney and Southsea conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a web based conveyancing firm rather than a conveyancing solicitor in Eastney and Southsea. Having lived in Eastney and Southsea for six years we know that this is a non issue. Should we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Eastney and Southsea differ for new build properties?
Most buyers of new build residence in Eastney and Southsea contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is built. This is because house builders in Eastney and Southsea typically purchase the real estate, 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 Eastney and Southsea or who has acted in the same development.
How do I locate a Eastney and Southsea law firm on the TSB conveyancing panel? I have wheels and am prepared to travel upto 20kilometers to meet the lawyer.
You can use the tool on this page. Please pick a bank and your location and you will see a number of Eastney and Southsea conveyancing lawyers based on proximity. We have detailed some Eastney and Southsea conveyancing firms at the bottom of this page and you can contact them to check if they are on the TSB panel
In sourcing the world wide web for the words on line conveyancing in Eastney and Southsea it shows results of many conveyancersin the vicinity. How do I determine which is the right property lawyer for my move?
The preferential method of seeking a suitable conveyancer is through a personal recommendation, so seek the counsel of friends and those you trust who have acquired a property in Eastney and Southsea or a local estate agent or financial adviser. Charges for conveyancing in Eastney and Southsea differ, so it's a good idea to obtain a minimum of three estimates from varying types of law firms. Be sure to obtain confirmation what costs in the quote includes.