We are intending to buy a 3 bedroom flat in Balham with a mortgage. We like our Balham lawyer, however the lender says he's not on their "panel". We have to appoint one of the lender panel firms or keep our Balham solicitor as well as pay for one of their panel firms to represent them. This feels very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Balham conveyancing solicitor to apply to be on the conveyancing panel.
I am under pressure from the executor of a property in Balham to sign contracts within four weeks. What can be done to quicken up the buying process?
Where the seller is applying time constraints to sign contracts it is highly recommended that your solicitor is familiar with the location as they will have local connections and know-how. It is possible that they would have transacted otherproperties in the same street. Therefore consider using a Balham conveyancing lawyer. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is understood that nearly one in five of Balham conveyancing deals are delayed or derailed after finding out that a buyer’s conveyancer was not on their banks panel. In many cases this discovery resulted in the conveyancing being frustrated by an average of 21 days. It is said that this issue affects approximately one hundred thousand home moves every year. Almost all Balham conveyancing firms can not represent certain banks so do check as early as possible.
We just had an offer accepted to purchase with Norwich and Peterborough Building Society. I dropped in a few high street firms yet cant to find a Balham conveyancing firm on the Norwich and Peterborough Building Society approved list. Please you assist?
Please do take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the mortgage company and type Balham or your location and you will discover numerous conveyancers located in Balham or near you.
My bid for a property was accepted at auction in Balham. Conveyancing is needed. What is next?
Now that you have legally bound yourself to purchase you should retain a conveyancing lawyer soon as you are faced with a pending a fixed date to complete the purchase. Every auction property will have an associated legal set of papers. This will likely include evidence of title and search results. If you have purchased leasehold property the auction papers may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork relating to leasehold premises. You need to pass this on to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Balham building society branch on a couple of occasions and was advised it wasn't an issue and they would lend. My Balham conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
The conveyancer must follow the CML Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I have instructed a Balham lawyer having made sure that they are on the Leeds Building Society conveyancing panel. Does my lawyer arrange the survey of the property?
Leeds Building Society will need an independent valuation of the property. Your lawyer will not arrange this. Usually Leeds Building Society will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Balham surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Just had an offer accepted on a new build apartment in Balham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Balham
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.