I am 3 weeks into the sale of my ground floor flat in Goodmayes and the estate agent has just telephoned to advise that the purchasers are switching law firm. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with specific solicitors rather the firm that they want to select to handle their conveyancing in Goodmayes ?
Lenders have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been tightened 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 claims that it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any sway in the decision.
We're in Goodmayes, FTBs purchasing with a mortgage (lender is RBS , and our solicitor is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I purchased a semi-detached Georgian property in Goodmayes. Conveyancing practitioner represented me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Goodmayes and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Goodmayes differ for new build properties?
Most buyers of new build or newly converted property in Goodmayes approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Goodmayes typically buy the site, 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 Goodmayes or who has acted in the same development.
I am looking into buying my first house which is in Goodmayes and I am already nervous. I couldn't find anything specific about Goodmayes. Conveyancing will be needed in due course but do you know about the Goodmayes area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Goodmayes. In the meantime here are some basic statistics that we found
I need to find a conveyancing solicitor for leasehold conveyancing in Goodmayes. I happened to chance upon a web site which appears to be the ideal offering If there is a chance to get all this stuff done via web that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?