I am selling my apartment in Harrow Weald and the EA has just e-mailed to say that the buyers are switching property lawyer. I am told that this is due to the fact that the bank will only engage with property lawyers on their conveyancing panel. Why would a leading lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Harrow Weald ?
Banks have always had an approved set of law firms that can act for them, but in the past few 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 over 25 years.
Lenders blame a rise in fraud by way of justification for the reduction – 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 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. The buyers are unlikely to have any impact on this.
At what point does exchange of contracts take place for purchase conveyancing in Harrow Weald and do I need to be at the conveyancers office?
If you are in close proximity to our conveyancing solicitors in Harrow Weald you are invited in to sign contracts. However, the firms we work with offer a countrywide conveyancing service and give as equally detailed and professional a job for you when dealing with you digitally. The executing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the firm to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Harrow Weald)to be in the office at the appropriate time.
I have been told that property searches are the primary cause of delay in Harrow Weald house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Harrow Weald.
How does conveyancing in Harrow Weald differ for new build properties?
Most buyers of new build or newly converted property in Harrow Weald approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Harrow Weald typically acquire 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 accustomed to new build conveyancing in Harrow Weald or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Harrow Weald ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some lenders will refuse to issue a mortgage on such a property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. Should you wish to call us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Harrow Weald. Conveyancing may be slightly more expensive based on your lender's requirements.
My partner has recommend that I instruct his lawyers for conveyancing in Harrow Weald. Should I use them?
There are no two ways about it the ideal way to choose a conveyancing solicitor is to seek referrals from friends or relatives who have actually experience in using the conveyancer that you are considering.