I am one month into the sale of my apartment in Silvertown and the EA has just called to advise that the purchasers are appointing a new law firm. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Silvertown ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions justify this action to a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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 buyers are unlikely to have any impact on this.
My fiancee and I are acquiring our first home. The lawyer has messagedto see if we want to purchase additional conveyancing searches. Frankly we have no idea as to what's needed for conveyancing in Silvertown
The range of Silvertown conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your familiarity of the region and risks, your overall appetite to risk. What matters is that you properly understand what information the searches could give you. You may then make a decision if you consider that you need that information. Should you be uncertain, ask your solicitor to advise.
How does conveyancing in Silvertown differ for new build properties?
Most buyers of new build residence in Silvertown contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because house builders in Silvertown typically purchase 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 Silvertown or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Silvertown I like with a park and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Silvertown suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.