I am nearing exchange of contracts for my flat in Peckham and the estate agent has just called to advise that the purchasers are swapping solicitor. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. On what basis would a leading lender only work with specific law firms rather the firm that they want to select to handle their conveyancing in Peckham ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to reveal 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 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 not going to have any impact on this.
Can you help? My Peckham solicitor is informing me me that he has toconduct Peckham conveyancing searches asthe firm are on the Lloydssolicitor panel. Is my conveyancer right?
You have limited options available to you. Given that you are taking out a loan with a bank your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Peckham conveyancing searches.
We hope to to buy with Coventry BS. We have called around locally but am unable to find a Peckham conveyancing firm on the Coventry BS panel. Can you help?
You should take advantage of the search tool on this web page. Pick the mortgage company and type Peckham or your preferred area and you will be presented with numerous conveyancers based in Peckham or by proximity to you.
Forgive me if this question is silly but I am unseasoned as a 1st time purchaser of a two bedroom flat in Peckham. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Peckham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you will be invited to pick up the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
I am purchasing a victorian detached house in Peckham. The intention is to convert the garage to a playroom at the house.Will legal work on the property include investigations to see if these works are permitted?
Your property lawyer will review the registered title as conveyancing in Peckham will occasionally identify restrictions in the title deeds which restrict categories of alterations or need the consent of a 3rd party. Many works require local authority planning consent and approval in accordance building regulations. Certain locations are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
TSB have agreed my mortgage in principle, my bid on a apartment in Peckham has been agreed to, what happens next?
The estate agent will wish to know who your solicitors are (be sure the property lawyers are on the lender’s panel). Contact TSB or the broker and finish off any outstanding paperwork. TSB will sellect a valuer who will get in contact with the estate agent or vendor to book an appointment. Once conducted (assuming no problems) it takes about ten days to receive the mortgage offer. TSB will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Peckham.
We're novice buyers - agreed a price, yet the estate agent informed us that the owners will only go ahead if we use their recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family conveyancer accustomed to conveyancing in Peckham
We suspect that the owner is unaware of this requirement. If they desire ‘a quick sale', turning down a motivated purchaser is counter productive. Contact the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to appoint your own,trusted Peckham conveyancing solicitors - rather thanthe ones that will give the negotiator at the agency a referral fee or meet his conveyancing targets set by corporate headquarters.
Is it true that a Peckham conveyancing practice taken to court by clients for failing to conduct the right conveyancing investigations?
We are not aware of such a Peckham conveyancing matter but it has been reported that, clients acquiring a home elsewhere in England successfully won a case against their property lawyer as a consequence of development permission to construct a wind farm not being identified in conveyancing searches.
Where you are buying in Peckham It is critical that your property lawyer carry out all Peckham conveyancing searches needed to ensure you have relevant and up to date information before buying a property.