I am in the process of selling my flat in Ham and the estate agent has just e-mailed to warn that the purchasers are switching solicitor. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Ham ?
Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lenders point to the increase in fraud by way of justification for the reduction – criteria have been stiffened 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 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. Your buyers are unlikely to have any sway in the decision.
My partner and I are buying a newly constructed apartment in Ham and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the seller. The Estate Agents are hassling me to exchange and my preference is not to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
As a FTB what is the most important advice you can give me about purchase conveyancing in Ham?
You may not hear this from too many lawyers but conveyancing in Ham and elsewhere in England and Wales is an adversarial experience. Put another way, when it comes to conveyancing there exists plenty of opportunity for confrontation between you and other parties involved in the house moving process. For instance, the seller, estate agent and sometimes your bank. Choosing a lawyer for your conveyancing in Ham an important selection as your conveyancer is your adviser, and is the ONLY party in the process whose interest is to look after your best interests and to protect you.
We are witnessing a worrying ongoing adversarial element to conveyancing- someone must be at fault for the process taking so long. We recommend that you your first instinct should be to trust your conveyancer above the other players when it comes to the legal assignment of property.
What does a local search tell me concerning the house we're buying in Ham?
Ham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every Ham conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
How does conveyancing in Ham differ for new build properties?
Most buyers of new build residence in Ham contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Ham typically purchase the land, 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 accustomed to new build conveyancing in Ham or who has acted in the same development.
Do online conveyancing organisations do everything a high street Ham solicitor does or do I still need to use a solicitor for the final stages for my conveyancing in Ham?
If you instruct an online conveyancer they should cover all the things your Ham solicitor would cover.