I am in the process of selling my house in Paddock Wood and the EA has just called to warn that the purchasers are changing their law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named lender only work with certain law firms rather the firm that they want to appoint to handle their conveyancing in Paddock Wood ?
Banks have always had an approved set of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been tightened 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. Plenty of firms 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 unlikely to have any impact on this.
AssumingI were to buy a simple residential housein Paddock Wood mortgage fee and have no survey and no conveyancing searches how much should I expect to have to pay for conveyancing in Paddock Wood?
Any savings you would achieve would be limited to the costs for searches. A conveyancer is obliged to do the vast majority of work - money laundering, communicating with your vendors lawyer, SDLT return, register the property etc. You might save a bit for them not needing to register a mortgage but it will not be meaningful.
Can your site be used to recommend a Conveyancing solicitor in Paddock Wood even if I’m not buying or selling a house, for example where I intend to buy a shop in Paddock Wood with a loan from Nationwide Building Society?
The service is mainly there to locate residential conveyancing solicitors in Paddock Wood but we have set out at the end of this page a few Paddock Wood commercial conveyancing firms. You will need to enquire with the company directly to establish if they can also act for Nationwide Building Society
Me and my partner are purchasing a flat in Paddock Wood. It might be a silly question but how we can trust a lawyer? On completion day we will need to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
When it comes to mortgage companies such as TSB, do Paddock Wood lawyers have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
At last I have had an offer on a flat in Paddock Wood accepted, the owners do nevertheless have a tied purchase. The vendors have put an offer on on an apartment, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a high street conveyancing solicitor in Paddock Wood. What do I do now? At what stage should I apply for the mortgage with Aldermore?
It is understandable to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Paddock Wood conveyancing search charges, etc). First, you should ensure that your lawyer is on the Aldermore conveyancing panel. Regarding the next steps this very much depends on the uniqueness of your case, motivation for this property and on the state of the market. In a hot market some purchasers will apply for the mortgage with Aldermore and pay for the valuation and only if it comes back ok would they request their conveyancer to proceed with the conveyancing in Paddock Wood.
I am buying a new build apartment in Paddock Wood. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Paddock Wood
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Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Should I instruct a Paddock Wood conveyancing solicitor based in the location that I am purchasing? We have a good friend who can execute the legal work but her office is approximately 350kilometers drive away.
The primary upside of using a local Paddock Wood conveyancing practice is that you can drop in to execute paperwork, deliver your ID and apply pressure on them where appropriate. Having local Paddock Wood know how is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and the majority were impressed that should surpass using an unfamiliar Paddock Wood conveyancing lawyer solely due to them being round the corner.