I can't travel far from Chiswick. I would like to know the logic why all Chiswick solicitors are not on all bank panels?
A decade ago most lenders demonstrated an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into property fraud which concluded: know the solicitors on your panel. As a result, lenders have subsequently looked to extract more data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the criteria of amount of transactions the mortgage companies insisted on.
We wanted to use a property lawyer in Chiswick for our house move. Our broker informed us that our mortgage lenders Chelsea Building Society won't deal with them. Surely this is unduly restrictive?
A bank can direct that a panel solicitor act for it. Borrowers are expected to meet the charges for this. Try using our directory service to get a quote from a solicitor to conduct conveyancing in Chiswick on the Chelsea Building Society approved list of solicitors.
Forgive me if this question is silly but I am unexperienced as FTB of a ground floor flat in Chiswick. Do I pick up the keys to the property on completion from my conveyancer? If this is the case, I will find a High Street conveyancing solicitor in Chiswick?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the vendor’s solicitors, and shortly after the monies have arrived, you should be able to collect the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
My wife and I have arranged a further advance on our mortgage from Yorkshire BS as we intend to carry out a loft conversion to our home in Chiswick. Do we need to select a high street Chiswick solicitor on the Yorkshire BS conveyancing panel to deal with the paperwork?
Yorkshire BS don't usually require a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Yorkshire BS list.
After what seems like an age I have had an offer on a flat in Chiswick agreed to, the vendors do nevertheless have an associated purchase. The owners have offered on a flat, however it’s not yet tied up, and are looking at other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Chiswick. What do I do now? When do I get the mortgage application with Clydesdale going?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then survey, Chiswick conveyancing search fees, etc). The first course of action is to ensure that your conveyancer is on the Clydesdale conveyancing panel. As to the next stages this very much depends on the specifics of your case, motivation for the property and on the state of the market. During a buoyant market the majority of purchasers would apply for a home loan with Clydesdale and pay for the valuation and only if it comes back ok would they ask their solicitor to move forward with searches.
I have been on the look out for a ground for flat up to £245,000 and identified one close by in Chiswick I like with open areas and station nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Chiswick suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Am I best advised to go with a Chiswick conveyancing lawyer based in the location that I am hoping to buy? We have a good friend who can conduct the legal work however his firm is located 300miles away.
The benefit of a local Chiswick conveyancing practice is that you can drop in to execute paperwork, present your ID and pester them if necessary. Having local Chiswick know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were happy that should trump using an unfamiliar Chiswick conveyancing lawyer just because they are Chiswick based.