I am one month into the sale of my maisonette in Tottenham and the EA has just called to warn that the purchasers are switching conveyancer. The reason given is that the mortgage company will only engage with property lawyers on their approved list. Why would a big named lender only engage with specific lawyers rather the firm that they want to select for their conveyancing in Tottenham ?
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 represented them for more than 15 years.
Lenders blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 purchasers are not going to have any sway in the decision.
How do I check that the solicitor carrying out my conveyancing in Tottenham is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Lloyds TSB Bank thus paying £187.00 plus VAT in additional conveyancing charges.
Please do make use of the search tool on this web page. Please choose the lender and type ‘Tottenham’ or your location and you will be presented with numerous conveyancers located in Tottenham or nearest you.
Should my lawyer be raising questions regarding flooding as part of the conveyancing in Tottenham.
Flooding is a growing risk for lawyers dealing with homes in Tottenham. There are those who buy a property in Tottenham, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a various checks that can be undertaken by the purchaser or by their lawyers which will figure out the risks in Tottenham. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to find out if the property has ever been flooded. If the residence has been flooded in past and is not revealed by the vendor, then a buyer could issue a claim for damages as a result of such an incorrect reply. The purchaser’s conveyancers should also order an enviro report. This should higlight whether there is any known flood risk. If so, further inquiries will need to be carried out.
How does conveyancing in Tottenham differ for newly converted properties?
Most buyers of new build residence in Tottenham come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Tottenham typically 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 property lawyers 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 Tottenham or who has acted in the same development.
Taking into account that I will soon part with hundreds of thousands of pounds on a two bedroom apartment in Tottenham I wish to talk to a solicitor concerning theconveyancing before giving the go ahead to the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer who will be doing your property ownership legalities in Tottenham.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The law firms that we put you in touch with believe that the figure you are calculated and presented to you for your conveyancing in Tottenham should be the amount on the final invoice that you are charged.
I am a couple of weeks into a residential purchase having been directed to solicitors by the estate agent to do our conveyancing in Tottenham. I am not happy. Could you help me find new lawyers?
They would have to be really poor in order to consider diss instructing them. Has your loan offer been issued? In the event that it has you will need to advise them of the new contact details and have the loan are re-sent. Your new conveyancer should be on the banks panel to avoid added charges and frustration. That should be your first question of the new solicitors. The find a solicitor tool can assist you in finding a bank approved conveyancer for your conveyancing in Tottenham