I am in the process of selling my apartment in Sidcup and the estate agent has just telephoned to say that the purchasers are changing their property lawyer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. On what basis would a leading mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Sidcup ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lenders point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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. The purchasers are not going to have any sway in the decision.
At what point will exchange of contracts happen for purchase conveyancing in Sidcup and am I required to be at the lawyers branch?
If you are near to our conveyancing solicitors in Sidcup you are invited in to sign contracts. However, the law practices we recommend offer a national conveyancing service and provide just as diligent and professional a job for you when dealing with you digitally. The signing of the sale agreement is not when everything is set in stone. A signed contract is necessary for the firm to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sidcup)to be in the office at the appropriate time.
Just had an offer accepted on a new build apartment in Sidcup. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Sidcup
The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Due to the input of my in-laws I had a survey completed on a house in Sidcup before retaining conveyancers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks may refuse to issue a mortgage on such a home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. If you e-mail us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sidcup. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to retain a conveyancing solicitor for my conveyancing in Sidcup. I've chance upon a web site which appears to be the perfect offering If it is possible to get all formalities done via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?