I am one month into the sale of my house in Gunnersbury and the estate agent has just text me to warn that the purchasers are swapping property lawyer. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named lender only engage with certain law firms rather the firm that they want to choose for their conveyancing in Gunnersbury ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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 do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.
Do the conveyancing lawyers that you recommend conduct auction conveyancing in Gunnersbury?
There are a number of auction lawyers we can connect you with those conducting auction conveyancing. Gunnersbury is just one of our locations in which our lawyers cover.
Why is leasehold purchase conveyancing in Gunnersbury is more expensive?
In short, leasehold conveyancing in Gunnersbury and West London usually necessitates extra work compared to freehold conveyancing. This includes checking the lease terms, corresponding with the landlord concerning serving applicable notices, obtaining up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
How does conveyancing in Gunnersbury differ for newly converted properties?
Most buyers of new build property in Gunnersbury approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Gunnersbury usually 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 used to new build conveyancing in Gunnersbury or who has acted in the same development.
We're new to the buying process - agreed a price, yet the estate agent advised that the owners will only issue a contract if we instruct the agent's preferred lawyers as they want a ‘quick sale’. Our preferred option is to instruct a family conveyancer with experience of conveyancing in Gunnersbury
We suspect that the owner is unaware of this requirement. If they require ‘a quick sale', alienating a genuine purchaser is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you will continue to use your own,trusted Gunnersbury conveyancing solicitors - as opposed tothe ones that will earn the negotiator at the agency a commission or meet his conveyancing figures pre-set by head office.