I am one month into the sale of my flat in Keynsham and the EA has just telephoned to warn that the buyers are switching conveyancer. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. On what basis would a leading lender only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Keynsham ?
Banks have always had an approved set of law firms they are willing to work with, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. No lender will say 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. 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. The buyers are not going to have any impact on this.
The owners of the home we are hoping to buy have appointed a conveyancing solicitor in Keynsham who has recommended a preliminary agreement with a non-refundable deposit 6,000. Are such agreements sensible?
There are two main concerns with signing a lock out agreement (occasionally referred to as an exclusivity agreement) is that it diverts attention away from progressing with the conveyancing transaction itself, so unless it requires minimal or no negotiation then it could transpire to be unhelpful. It is not particularly popular by Keynsham conveyancing solicitors for this reason. A supplemental concern is the extent of the remedies available - a jilted buyer should not expect to be issued with an injunctive ruling by a court to prevent the seller completing the sale to a third party, so the only remedy available under the contract will be the recovery of abortive costs and, in rare circumstances, the extra payment of penalties.
We hope to to purchase with Loughborough BS. I dropped in a couple of high street solicitors but cant to find a Keynsham conveyancing firm on the Loughborough BS approved list. Could you assist?
Feel free to make the most of the search tool on this web page. Pick the lender and type Keynsham or your location and you will see a number of lawyer based in Keynsham or by proximity to you.
I need some quick conveyancing in Keynsham as I am under an ultimatum to sign on the dotted line within one month. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a mortgage free purchaser you are at liberty not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Keynsham the following are examples of what can show up and therefore impact future saleability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Road Schemes,...
How does conveyancing in Keynsham differ for new build properties?
Most buyers of new build premises in Keynsham contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Keynsham usually purchase 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 conveyancers 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 Keynsham or who has acted in the same development.
I dont have enough spare cash to pay a 10% deposit on my house purchase in Keynsham , but I am keen go ahead. Do I have options?
You can agree a lesser deposit. Many property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second