I am progressing with the sale of my maisonette in West Dulwich and the EA has just telephoned to warn that the buyers are changing their solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. Why would a major mortgage company only work with specific lawyers rather the firm that they want to appoint for their conveyancing in West Dulwich ?
Mortgage companies have always had panels of law firms that can act for them, but in recent 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 point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say 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. Your buyers are not going to have any sway in the decision.
Would the conveyancing solicitors highlighted through your ’find a lawyer’ tool perform right to buy conveyancing in West Dulwich?
We do have a variety of conveyancing conveyancers who can service right to buy conveyancing work You should e-mail us to obtain a costs illustration.
Why do I have to pay up front for conveyancing in West Dulwich?
Where you are retaining lawyers for conveyancing in West Dulwich your lawyer will request that you to provide them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. When the deposit is as part of the sale price then this will be required shortly prior to exchange of contracts. Any further balance that is needed will be payable shortly before completion.
Should my conveyancer be raising enquiries regarding flooding during the conveyancing in West Dulwich.
Flooding is a growing risk for lawyers dealing with homes in West Dulwich. Plenty of people will buy a property in West Dulwich, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a various searches that can be initiated by the purchaser or by their conveyancers which will figure out the risks in West Dulwich. The conventional set of completed inquiry forms sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to determine whether the premises has suffered from flooding. If flooding has previously occurred which is not disclosed by the seller, then a buyer may commence a legal claim for losses as a result of such an misleading answer. A purchaser’s lawyers may also carry out an environmental search. This should reveal whether there is any known flood risk. If so, additional inquiries should be conducted.
It has been four months following my purchase conveyancing in West Dulwich completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I right to be suspicious that brokers that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street West Dulwich conveyancing company?
As is the case with lots of service providers, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and lenders may suggest solicitors to instruct. Sometimes the conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the endorsement. You have the discretion to choose your preferred lawyer. You need to be aware that some mortgage providers have an approved list of conveyancers you are obliged to use for the lender aspect of your home move.