I am one month into the sale of my apartment in Silvertown and the estate agent has just called to advise that the buyers are appointing a new conveyancer. The excuse is that the mortgage company will only work with solicitors on their conveyancing panel. Why would a major mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Silvertown ?
Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. 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. The buyers are unlikely to have any sway in the decision.
All was ready to move into my new home in Silvertown next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
All property lawyers on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These requirements are not specific to conveyancing in Silvertown.
What is the first thing I need to know regarding purchase conveyancing in Silvertown?
Not many law firms or advisers will tell you this but conveyancing in Silvertown or throughout England and Wales is an adversarial experience. In other words, when it comes to conveyancing there is plenty of opportunity for confrontation between you and others involved in the house moving process. For example, the seller, selling agent and sometimes a lender. Choosing a solicitor for your conveyancing in Silvertown an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to look after your best interests and to protect you.
There is a worrying ongoing adversarial element to conveyancing- someone must be at fault for the process being so protracted. We recommend that you should always trust your conveyancer above all other parties in the home moving process.
I need some expedited conveyancing in Silvertown as I have pressure to complete within 3 weeks. Fortunately I do not need a mortgage. Is it possible to avoid the conveyancing searches to save money and time?
As you are are a mortgage free purchaser you are at liberty not to do searches although no conveyancer would suggest that you don't. With lots of history conveyancing in Silvertown the following are examples of issues that can be revealed and therefore affect future saleability: Enforcement Actions, Outstanding Charges, Overdue Grants, Railway Schemes,...
I am purchasing a new build house in Silvertown with a mortgage from Birmingham Midshires. The sellers would not budge the amount so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my solicitor about this extras as it could affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We're new on the property ladder - agreed a price, yet the selling agent informed us that the vendor will only go ahead if we instruct the agent's chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a family conveyancer with experience of conveyancing in Silvertown
We suspect that the seller is not behind this ultimatum. Should the owner desire ‘a quick sale', alienating a genuine purchaser is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you are going to use your preferred Silvertown conveyancing firm - as opposed tothose that will earn their estate agent a referral fee or meet his conveyancing figures demanded by head office.