I am nearing exchange of contracts for my house in Godmanchester and the EA has just called to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named lender only engage with specific solicitors rather the firm that they want to choose to handle their conveyancing in Godmanchester ?
Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. 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. Some 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 buyers are unlikely to have any sway in the decision.
AssumingI was to buy a simple residential propertyin Godmanchester for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Godmanchester?
The sole saving you would achieve is the Godmanchester conveyancing searches. Your lawyer is required to do the vast majority of work - money laundering, communicating with the sellers lawyer, SDLT return, register the title etc. A slight saving might be made by not having to register a charge however it won't be significant.
This question may be naive but I am unexperienced as a first time purchaser of a two bedroom flat in Godmanchester. Do I collect the keys to the property on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Godmanchester?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the vendor’s lawyers, and shortly after the monies have arrived, you will be called to pick up the keys from the selling Agents and move into your new home. Usually this happens between 1 and 3pm.
My wife and I purchasing a victorian detached house in Godmanchester. Our aim is to convert the garage to a playroom at the property.Will legal conveyancing on the property include enquiries to see if these alterations are permitted?
Your solicitor should review the deeds as conveyancing in Godmanchester can sometimes reveal restrictions in the title deeds which prohibit certain changes or necessitated the consent of another owner. Many works call for local authority planning consent and approval in compliance with building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.
My sealed bid on a detached house in Godmanchester has been agreed to, but there is a chain. The vendors have offered on on an apartment, however it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a local conveyancing solicitor in Godmanchester. What do I do now? When should I get the mortgage application with Kent Reliance going?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Godmanchester conveyancing search fees, etc). First, you should check that your solicitor is on the Kent Reliance conveyancing panel. As to the next stages this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a hot market the majority of buyers will apply for a home loan with Kent Reliance and pay for the valuation and only if it was satisfactory would they ask their property lawyer to press on with searches.
I note that there are debates on Chancel Insurance on online forums. Do I need chancel insurance when acquiring a house in Godmanchester? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary may be liable to pay for repairs towards the chancel within the church. Is this relevant for conveyancing in Godmanchester?
Unless a prior purchase of the property completed after 12 October 2013 you may assume that conveyancing practitioners delivering conveyancing in Godmanchester to remain encouraging a chancel search and or chancel repair liability insurance.
How simple is it to swap conveyancer as I have to retain a firm on the Bank of Ireland conveyancing list. I was using a high street conveyancing solicitor in Godmanchester round the corner but she is not accepted by Bank of Ireland
We will our best to assist in finding you a conveyancing solicitor in Godmanchester on the Bank of Ireland panel. Please note that the property lawyers that we on the directory do not pay us commission if you instruct them and are fully regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Godmanchester. In utilising search facility on this site, you can compare and instruct different solicitors and conveyancers both nationally and in Godmanchester.
What could I expect to pay for conveyancing in Godmanchester?
Almost all Godmanchester conveyancing firms will agree to a standard fee. Where additional work arise during the transaction your conveyancing practitioner should advise you in writing of any additional charges for any work as soon as it becomes obvious. Some practices will agree not to charge a fee if the deal falls through, others will charge a percentage of the set costs, depending on the stage at which the transaction does not proceed.
We would recommend that you seek two or three conveyancers to give you a quotation.