I am obtaining a offer of a home loan from Nat West. My intention is to instruct a Licensed Conveyancer in Barkingside. Does the Nat West Conveyancing panel include conveyancers regulated by the CLC?
The Nat West approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
We have rather pushy vendors who has insisted on a exclusivity contract with a payment 10k. Are such agreements sensible?
There are two primary concerns with entering into any lock out contract (also referred to as an exclusivity agreement) is that it can distract from progressing with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could turn out to be a hindrance. It is not particularly popular by Barkingside conveyancing lawyers as a result. A further negative is the extent of the remedies available - an aggrieved purchaser is extremely unlikely to be issued with injunctive relief to prevent the owner selling to a third party, so the only remedy open via the agreement will be the reimbursement of abortive charges and, in restricted circumstances, the additional payment of damages.
Do the Building Society Association intend to launch a searchable register to to identify practices on the Melton Mowbray Building Society conveyancing panel for example in Barkingside?
We would not expect to be advised of any intention on the part of the BSA to promote such a search facility.
How does conveyancing in Barkingside differ for new build properties?
Most buyers of new build or newly converted property in Barkingside approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Barkingside tend to buy 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 conveyancing solicitors 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 Barkingside or who has acted in the same development.
Should I be concerned by brokers that I am dealing with are suggesting a nationwide conveyancing firm as opposed to a High Street Barkingside conveyancing company?
As is the case with lots of professional services, often suggestions from family and friends can be very helpful. Nevertheless there are many parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest conveyancers to instruct. Sometimes the solicitors might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to choose your own lawyer. You need to be aware that some banks specify a panel list of conveyancers you must use for the mortgage aspect of your transaction.