We wanted to use a property lawyer in Rotherhithe for our house purchase. Our financial adviser has since advised us that our mortgage lenders Bank of Ireland won't deal with them. Surely this is unfair competition?
Mortgage Companies tend to imposes restrictions either the category or the volume of conveyancing solicitors on their member panel. Typical examples of such criteria being that a law practice must not be a sole practitioner. In addition to restricting the type of firm, some have reduced the amount of solicitor practices they allow to represent them. You should note that Bank of Ireland have no responsibility for the quality of advice provided by any member of Bank of Ireland Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are differing opinions concerning the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry indicate that hundreds of law firms, including some in or near Rotherhithe only execute a couple conveyances a year.
Me and my partner are purchasing a house in Rotherhithe. I might seem paranoid but how we can trust a conveyancer? On the day of competition we have to put funds into their account. What protection do we have from them run away with our deposit?
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.
There are numerous conveyancing solicitors in Rotherhithe but how do I know who's good?
We would encourage you not to go for the lowest Rotherhithe conveyancing quote. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
About to purchase house in Rotherhithe. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Rotherhithe solicitor is on the Nottingham conveyancing panel.
Various online forums that I have frequented warn that are a common reason for hinderance in Rotherhithe house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Rotherhithe.
How does conveyancing in Rotherhithe differ for newly converted properties?
Most buyers of new build or newly converted property in Rotherhithe approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Rotherhithe typically acquire 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 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 used to new build conveyancing in Rotherhithe or who has acted in the same development.
I'm remortgaging my current house to a buy to let loan with National Westminster Bank and I will use the ballance of the raised equity as a deposit on further house. The location we are interested in is Rotherhithe. Will your solicitors be able to act for the two banks and tie in the transactions?
Make use of our comparison tool on this page to be sure that the conveyancers are on the relevant lender panels. On the basis that they are the solicitor should be able to tie up the two transactions but you should talk with you lawyer and make clear your desired outcome and needs.
Why can't I complete our conveyancing in Rotherhithe on May bank holiday?
Because on completion the money needs to be transferred electronically between the banks of the purchaser and seller's conveyancing practitioner and currently this can only occur on a working day. So you can't complete on a weekend either.